Teachers launches no-ERC deal

Monday 20th February 2012

Teachers Building Society has launched a new two-year discounted variable rate mortgage at 2.59%, available exclusively via intermediaries and with the added benefit of no early repayment charges.
 
The product is available to people – primarily those in the teaching profession unless they are non-teachers in Dorset, where the building society is based – whether purchasing a new property or remortgaging. The no-ERC feature is valid from the start.
 
Alan Gravett, head of sales and marketing at Teachers BS, said: “We understand that borrowers like the security of fixed rate deals, but in such a low interest rate environment they could be making the most of variable mortgage rates that could make their monthly payments much less than some of the fixed rate deals on offer in the market.

“The no-ERC feature of this highly competitive two-year deal should appeal to those borrowers who are nervous of the lock-in aspect of most variable rate mortgages, as they’ll be free to switch to another deal or provider if interest rates creep up – unlikely as that may be in the foreseeable future.”

The product is available at up to 75% LTV and has a £999 arrangement fee.