This is a mortgage that is guaranteed not to rise above
a specific rate (the 'cap') within a set period. Unless this is
combined with another rate, such as a Discount or Tracker, the
Lender's SVR will be charged if it is lower than the capped rate; if
it rises above this ceiling the rate charged will remain at the
capped level. There are often early repayment charges applicable if
the loan is repaid within the capped period.
