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Base rate to 5% or below - Capped deals
ianmr65
Posts: 596 Forumite
If as predicted, the MPC cuts base rates in april to 5%, or below, my 0.7% cap over base (till dec 2009) should kick in. In the current climate should i be worried in case they try to wriggle out?
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Comments
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No.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
as above - that's the point of the cap - otherwise it wouldn't be a capped mortgage.0
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Don't worry about, effectively you have paid for the cap, via an increased rate0
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That's why they're pushing BoE-linked rates up - so they don't get ambushed again... You'll be ok on existing linked products though - just watch out for any T&Cs about missed payments etc.0
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Thanks one and all, i'm consderably reassured.0
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