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Our Flex Mortgage is a variable rate, which tracks the Bank of England. Base rate for the life of the mortgage. It also offers unlimited overpayments without penalty.

Mortgage Tariff

LTV  Rate Follow On Rate APRC Early Repayment Fee/Charges
Up to 85% Range based on LTV and amount borrowed N / A Dependant on LTV & Amount borrowed £0 partial repayment, £500 admin fee on full repayment

Arrangement fee 0.25% minimum £500. Max term of 35 years only available on a serial repayment basis. Amortised 30 years. Valuation and legal fees apply.

To Consider

In addition to the costs (Mortgage type examples), 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. You may also have the opportunity of using the same law firm as the Bank and they may be able to offer you a discounted price. 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, but this is not arranged by the Bank and you should take your own independent advice.

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 Flex 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.

There is no minimum loan amount for the Flex Mortgage, however the interest rate will vary depending on how much you borrow.

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

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
.
£625
£570
£1250
.
£625
£570
£1250
Borrowing rate 2.75%
(plus Base Rate)
2.75%
(plus Base Rate)
APRC 7.6% 7.6%
Initial payment £2,343.75 £1,807.02
Total interest payable £229,762.80 £264,551
Total amount repayable £479,762.80 £544,551
Security required Property Property

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Ability to Repay

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