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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 during your fixed term.
LTV | Initial Fixed Rate | Follow On Rate | APRC | Early Repayment Fee/Charges |
---|---|---|---|---|
Up to 70% | 5.10% | Base rate +2.9% | 7.7% | 3% reducing by 1% per year |
70 - 85% | 5.35% | Base rate +3.1% | 8.0% |
LTV | Initial Fixed Rate | Follow On Rate | APRC | Early Repayment Fee/Charges |
---|---|---|---|---|
Up to 70% | 4.9% | Base rate +2.9% | 7.2% | 5% reducing by 1% per year |
70 - 85% | 5.05% | Base rate +3.1% | 7.3% |
Representative Example – 3-year fixed rate
An amortised mortgage of £250,000 payable over a term of 25 years initially on a rate of 5.10% for 3 years and then our variable rate of 8.15% for the remaining 22 years would require 36 monthly payments of £1,476 and 264 payments of £1,900. An arrangement fee of £999 is also payable as well as valuation fee of £570 and legal fees of £1,250. The total amount payable would be £564,310 made up of the loan amount plus interest of £314,310.
Notes: Subject to eligibility and terms and conditions. Rates and charges are correct as at 22nd May 2024 and are subject to change. Figures are indicative and not a commitment to lend and rates may vary based on individual circumstances and changes to the UK Base Rate. Please consult a Mortgage Planner for further information on our products.
In addition to the 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 5 year fixed rate 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.
We have seen significant rises in interest rates in recent months. This has increased the cost of most mortgages. Alongside a rise in fuel, food and services, we are seeing an increased burden on the general cost of living.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Netbank will be unavailable from 8:00am to 6:00pm CET on Saturday 21st September 2024.
We apologise for any inconvenience caused.