Fixed rate or Cap

[janeymak]

Hi,

I heard somewhere that getting a cap is potentially a better option than fixing a morgtage. My problem is that I know ZERO about caps. I did a bit of googling but couldnt see anything that relevant to the Irish market. Can any one point me in the right direction, where I could see some figures and options here in Ireland?

Thanks!

 

[LDFerguson]

I'm not aware of any capped rates available in Ireland at present. They're a sort of hybrid variable and fixed rate - they're variable in that they can come down but capped in that they cannot go higher than a certain rate for the duration of the cap. They tend to cost more than a normal variable rate.