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The Advantage Mortgage aims to help with the early years of your mortgage payments by providing you with a discounted interest calculation basis in the early years of your mortgage.

LTV  Rate Follow On Rate APRC Early Repayment Fee/Charges
Up to 85% Range based on LTV and amount borrowed Base Rate + margin + 2% Dependant on LTV & Amount borrowed

Full outstanding loan is repaid - £500

Part of the outstanding loan is repaid - £250

In addition, Early Repayment percentage - 0.5% of amount repaid

Arrangement fee 0.25% minimum £999. Max term of 35 years only available on a serial repayment basis. Amortised 30 years. Valuation and legal fees apply. Minimum loan £100,000.

Mortgage Type Example
  Example 1  Example 2
Mortgage type Capital and interest (Serial loan) Capital and interest (Amortising loan)
Max. loan to value 85% 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
£1250
.
£999
£570
£1250
Borrowing rate

2.00% plus Base Rate
(followed by Base Rate + 4.00% after 5 years)

2.00% plus Base Rate
(followed by Base Rate +4.00% after 5 years)
APRC 7.9% 8%
Initial payment £2,187.50 £1,688.02
Total interest payable £246,787.80 £325,652.20
Total amount repayable £496,787.80 £575,652.20
Security required Property Property
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 overall rate 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 Advantage 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.

The Advantage Mortgage is only available for mortgage applications of over £100,000.

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

This graph is only for illustration purposes to show the difference in mortgage solutions.

A guide of what could happen over a period of time, the figure used in this graph are only for example purposes.

Please note this only looks at your minimum capital payments and doesn’t include any voluntary overpayments you might make or interest rates.

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Payment Difficulties

Ability to repay