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If you are looking for a variable rate mortgage, that tracks base rate for the whole loan term, and which will allow you to make unscheduled overpayments without penalty, then the Flex Mortgage may be of some interest

Available on a maximum LTV of 85%

Make unscheduled partial loan repayments without any penalty charges 

This mortgage solution allows you to make unscheduled partial loan repayments without any penalty charges with the exception of a one off £500 fee charged in the event that the loan is fully repaid ahead of the agreed schedule.

The Flex Mortgage can be repaid over a maximum term of 30 years if drawdown on an amortised repayment basis or over a maximum term of 35 years if drawn as a serial repayment loan.

A 0.25% Arrangement Fee (minimum £500) is payable to the Bank, which is calculated based upon the mortgage amount.

Should you decide to apply to switch to another mortgage product at any given time, an arrangement fee for the new mortgage product will apply.

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. 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.

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.

  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
Borrowing rate 2.75%
(plus Base Rate)
(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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