Teachers launches ERC-free broker exclusive at 2.59%

The deal is available for purchase and remortgage up to 75% LTV and has no early repayment charges (ERC).

There is a product arrangement fee of £999 and a valuation fee is payable.

Alan Gravett, head of sales and 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 two-year deal should appeal to those borrowers who are nervous of the lock-in aspect of most variable rate mortgages, as they will be free to switch to another deal or provider if interest rates creep up, unlikely as that may be in the foreseeable future."