The detailFlexi Fixed for Term is a mortgage that changes the game. It offers your clients the chance to fix their mortgage rate for their whole mortgage term. They can choose from a minimum term of 11 years, right up to a maximum term of 40 years (with any term in between).
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 never change.
Extra peace of mind
Give your client the extra peace of mind that comes from knowing they won’t have to worry about fluctuating interest rates or remortgaging, ever again. 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 they have 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.
Clients who want to boost their borrowing power
Clients who want the stability of a single monthly mortgage payment that never changes
Clients who don’t want to worry about future interest rate rises
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