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	Previous	Capped rate A capped rate varies from a fixed rate in that there is a maximum rate set at the outset, but no minimum for a set period of time. Again this provides for easy budgeting with the added advantage that if interest rates move downward then mortgage costs could also reduce. This type of mortgage would be expected to cost more than the fixed rate offer initially. Discounted Discounted mortgages work on the basis of offering a reduction in the interest rate paid Over a specified period of time, linked to a defined base rate, e.g. the bank of England base rate. There are many variations in discounted mortgages, but they essentially offer the advantage of lower mortgage costs if interest rates are falling, but can also rise if the opposite happens. Other types >>