TSB has launched a five-year fixed mortgage which allows borrowers to exit before the end of the product term with no early repayment charges (ERCs).
Developed in response to the financial uncertainties caused by the coronavirus pandemic, the Fix and Flex mortgage is available up to 80 per cent loan to value (LTV) and allows customers to refinance or exit after three years at no cost.
The mortgage will be available for residential remortgage customers from today and from 17 July, will be open to first–time buyers and home movers.
Rates start from 1.99 per cent and the mortgage has no product or application fees.
This product comes as a recent TSB survey on 2,000 Brits showed 40 per cent were worried about their finances since Covid-19 began, and a third were saving more for post-lockdown life.
Roland McCormack (pictured), TSB’s director of mortgages said: “We understand that now, more than ever, people’s circumstances can change. Fix and Flex offers our customers the comfort of a fixed monthly payment with the ability to leave their mortgage deal after three years, without having to worry about an early repayment charge.
“We want our customers to feel money confident and more in charge of their finances when they bank with us and this new product is designed to help them do exactly that.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS