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New ERC-free 2.59% discounted variable rate mortgage

Feb 16, 2012

Teachers Building Society has launched a new 2 year discounted variable rate mortgage, available exclusively via intermediaries and with the added benefit of no Early Repayment Charges.

 The competitive product is available to people whether purchasing a new property or remortgaging and the no-ERC feature is valid from commencement of the mortgage.

 Alan Gravett, Head of Sales & Marketing at Teachers Building Society, 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 2 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.”

 Product details:

  • 2 year discounted variable rate 2.59%
  • Then changes to our Standard Variable Rate currently 4.99%
  • Product arrangement fee of £999
  • No Early Repayment Charges
  • Maximum 75% Loan to Value ratio
  • A valuation fee is payable
  • Available only via intermediaries

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