Fixed rate Mortgage

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.  In the case of any early repayment a charge of 2.5% of the amount repaid applies.

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.

All you need to know about fixed rate mortgage

A fixed rate product is a mortgage where the interest rate is fixed for a defined period of time. This can be two, three, five years, or in some cases longer. 

With a fixed rate mortgage you have certainty, you know what's your paying durng the fixed interest period. 

Choosing a fixed rate mortgage should be an informed decision. Let our guide help you make the right choice.

 


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. 


Available products

  •   Example 1  Example 2
    Mortgage type Capital and interest (Amortising loan) Capital and interest (Amortising loan)
    Max. loan to value 70% 85%
    Amount borrowed £250,000 £250,000
    Term 25 Years 25 Years
    No. of Monthly instalments 300 300
    Other costs
    - Arrangement fee
    - Valuation fee
    - Legal fee
    .
    £999
    £570
    £1,250
    .
    £999
    £570
    £1,250
    Borrowing rate

    4.63%
    (followed by Base Rate + 2.90% after 3 years)

    5.13%
    (followed by Base Rate + 3.10% after 3 years)
    APRC 5.80% 6.10%
    Monthly payment during the fixed period £1,480 £1,480
    Monthly payment after the fixed period £1,577.19 £1,604.72
    Total costs payable £219,888 £231,773
    Total amount repayable £469,888 £481,776
    Security required Property Property
  •   Example 1  Example 2
    Mortgage type Capital and interest (Amortising loan) Capital and interest (Amortising loan)
    Max. loan to value 70% 85%
    Amount borrowed £250,000 £250,000
    Term 25 Years 25 Years
    No. of Monthly instalments 300 300
    Other costs
    - Arrangement fee
    - Valuation fee
    - Legal fee
    .
    £999
    £570
    £1,250
    .
    £999
    £570
    £1,250
    Borrowing rate

    4.34%
    (followed by Base Rate + 2.90% after 5 years)

    4.84%
    (followed by Base Rate + 3.10% after 5 years)
    APRC 5.50% 5.80%
    Monthly payment during the Fixed period £1,367 £1,438
    Monthly payment after the Fixed period £1,556.74 £1,595.23
    Total costs payable £208,455 £221,970
    Total amount repayable £458,455 £471,970
    Security required Property Property

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.

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