A rate that won't change for a specified period of time. The benefit of a fixed rate mortgage is that you will not be affected by rising or falling interest rates for a set period of time. 

Rates and charges

The Fixed-rate Mortgage is available on a maximum LTV of 85%. We offer competitive interest rates which are tailored to your circumstances. 

If you have a fixed-rate loan for 5 years, we charge a fee for any early repayments. In the first year, the fee is 5% of the amount you reduce from the loan balance. After that, the fee reduces by 1% each year. For example, if you have 4 years left on the fixed rate, the fee will be 4%, for 3 years it will be 3%, for 2 years it will be 2%, and in the last year, it will be 1%.

If you have a 3-year fixed-rate mortgage, the fee for early repayments is 3% in the first year. Then, it reduces by 1% each year. So, in the second year, the fee is 2%, and in the final year, it is 1%.

Maximum loan repayment periods are aligned to the rest of our mortgage product suite being 30 years if drawn on an amortised repayment basis, or over a maximum term of 35 years if drawn as a serial repayment loan.

In order to finalise the mortgage, we have an Arrangement Fee in place of 0.25% of the value of the mortgage. A minimum fee of £999 applies.

Should you decide to switch to another mortgage solution after the end of your initial rate, this is possible with a one-off product switch fee of 0.25%, minimum £999.

Finally, we aim to contact you prior to the end of the fixed rate period, to allow you enough time to decide how to proceed and inform you of your options going forward.

Other costs to consider

In addition to the above costs, you will also be responsible for the Bank's legal costs, which will depend on the mortgage amount. A written estimate of the Bank's legal costs will be made available to you upon request and when your loan application is agreed.  You should also bear in mind that you will have your own legal costs and expenses (e.g. taxes) to meet in respect of your purchase of the property. Please contact us for more information.

Suitable property insurance will be a condition of the mortgage, but is not arranged by the Bank and is your sole responsibility. Whilst we do not usually make life insurance a condition of the mortgage, you should consider if you would like to arrange cover to repay the loan in the event of death or loss of income from illness. There are various types of life cover available, and you should take your own independent advice in this regard.

Below is an illustrative example of two different mortgages types offered by Trusted Novus Bank.

Please note that the follow on rate (After the Fixed rate period) is subject to change in line with Bank of England base rate. 

Are you eligible?

In order to find out if you are eligible for the Fixed Rate Mortgage, we will assess your income and expenditure, assets and liabilities. This will help us determine the level of borrowing you will be eligible for.

Your home may be repossessed if you do not keep up the repayments on your mortgage.