Whatever number of years they choose, they will pay a fixed interest rate for the duration of the mortgage term, which means that their monthly payment will stay the same from the start to the end of their loan.
Extra peace of mind
Give your client the peace of mind that comes from knowing that they won’t have to worry about interest rates going up in the future or having to remortgage. They’ll know how much they need to set aside each month from the day they start paying the mortgage until the day they pay it off.
A boost in borrowing power
Flexi Fixed for Term is a different type of mortgage and so too is the way we calculate the affordability. It's all down to the way we use the fixed rate rather than a future variable stressed rate. As long as your client has an acceptable credit profile, the Flexi Fixed for Term mortgage could work for them.
How it works
With your guidance, all your client needs to do is determine how long they need a fixed term mortgage for – from 11 years up to 40 – with any term in between.
Suitable for...
Clients who want to boost their borrowing power
Clients who want the stability of a single monthly payment for the whole mortgage term
Clients who don’t want to worry about future interest rate rises
The detail
Affordability based on the fixed term rate, not on a future variable stressed rate
Portability and Additional Lending after 12 months
Up to 85% for purchase and remortage*
Eligible Gifted Deposits accepted
Your clients can overpay by 10% from Day 1
Flexible ERCs and none to pay for life events or property sale
Finding Flexi Fixed for Term on sourcing systems
As a new and innovative proposition in an otherwise structured mortgage product market, Flexi Fixed for Term may be hard to locate on sourcing systems. We have given you some top tips and a handy video on the filter selection to help you find them and advise your client:
Initial Term = Term
Rate Preference = Fixed
Product type = Fixed
Product Period = Term
Initial rate type = Fixed
Attributes = Lifetime
Our top 5 FAQs
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You’ll find the details of our credit criteria in the table below:
Secured Arrears Secured Loan Arrears acceptable if older than 36 months. Unsecured Arrears Unsecured Credit Arrears acceptable if accounts now up to date (max status of 0 in last 24 months). Unsecured Defaults Defaults acceptable if older than 36 months. Communication/Insurance/Bank Account and Utility defaults We don’t take into account Communication/Insurance defaults. Utility defaults cannot exceed £250 per application. Bank Account defaults/arrears subject to underwriter discretion. CCJ's Satisfied CCJ's acceptable if older than 72 months. IVA/ Bankruptcy/Repossessions None/not acceptable. DMP (Debt Management Plans) None/not acceptable. Short Term (Pay Day) Loans Not acceptable within last 24 months. Neither new loan nor outstanding. -
If your client doesn’t need the mortgage on the property anymore, for example, if they sell the property or can repay the mortgage in full (from their own funds), an ERC will not be payable.
Please note that if settling from their own funds, the source of the funds would require validation if more than £5,000. This could be in the form of bank statements or a will etc. in line with our current validation processes.
If your client wants to remortgage, an ERC will be payable.
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A 0.75% gross procuration fee will be paid upon completion of a Flexi Fixed for Term mortgage. If applicable, please contact your mortgage club/network for your net amount: a total of any fees will be shown on the ESIS. Procuration fees are also paid on porting the mortgage (0.50% gross) and Additional Lending (0.30% gross).
Porting and Additional Lending are optional features of the Flexi Fixed for Term mortgage range. Clients can apply for these features no earlier than 12 months after completion.
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Please see below guidance on how to source Flexi Fixed for Term on Trigold, Twenty7Tec and Mortgage Brain:
Trigold Twenty7Tec Mortgage Brain Requirements
Initial Term = Term
Rate Preference = FixedFilters
Product type = Fixed
Product Period = TermProduct Filters
Initial rate type = Fixed
Attributes = Lifetime
Read our full FAQs
You'll find our full Flexi Fixed for Term FAQs here or you can contact you local BDM to discuss further.
