ITL Mortgages, the intermediary arm of Stroud & Swindon Building Society, will offer a drop-lock product which allows borrowers to switch to a fixed rate at any time without a penalty charge.
Under the deal, clients will be able to switch from a tracker or to a fixed rate at any time during the contract.
The deal will be available to the whole of the intermediary market.
Linda Will, sales and marketing director at ITL Mortgages, said the drop-lock mortgage gives them options when the base rate eventually rises.
She said: “We will give people two products that have built-in options. These products will allow people to switch to a fixed rate if interest rates are going to start climbing within a year. However, they will also enjoying the benefits of lower interest rates in the short term.”
