Teachers Building Society has announced today that its discounted variable rate mortgage range has a new flexible, ‘no lock-in’ feature to shield borrowers from any rises in its Standard Variable Rate (SVR) that are more than the increase in the Bank of England Base Rate.
The Flexible deals are intended to reassure customers that they will not incur Early Repayment Charges if the Society’s SVR rises unexpectedly and they choose to move to another product or provider during the product’s discounted period.
The Flexible Discounted Variable Rate mortgage range includes products for FirstBuy, Shared Ownership and Buy-to-Let as well as standard residential mortgages.
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. Our promise to customers is that if we exceed the Bank of England Base Rate increase, they can choose to leave without paying an Early Repayment Charge.
“We’re committed to helping teachers and local people onto the property ladder and these deals could help people to realise their home buying aspirations by helping them to benefit from a lower interest rate during the early days of the mortgage.”
Mortgages from Teachers Building Society are available to teachers and education professionals nationwide as well as all people residing in the Society’s local BH and DT postal areas.
To find out more about mortgages from Teachers Building Society, call 0800 378 669 or click here.