The mortgage definition for Repo rate:
The Bank of England base rate.
Annual Percentage RateAnnual Percentage Rate
This is an indicator used to compare interest rates. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the life of the loan. All lenders that comply with the consumer credit act must ensure that the the borrower is informed of the APR.
Applied or nominal interest rateApplied or nominal interest rate
The rate used to calculate the interest due.
Capped rate mortgageCapped rate mortgage
As with all variable rate mortgages, the rate follows the lender's SVR up and down. The difference with this type of mortgage is that the rate is guaranteed not to go above the level at which it is 'capped'. This type of mortgage is popular in times of steadily rising interest rates.
Further Suggestions Interest accrual rate
Standard Variable Rate
Stepped fixed rate mortgage
Variable interest rate
Variable rate mortgages
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