Teachers Building Society has launched a two-year fixed rate mortgage for remortgagers exclusively via intermediaries.
The product has an interest rate of 1.79 per cent and is available up to 80 per cent loan-to-value, with no arrangement, application or valuation fees.
An early repayment charge (ERC) of 3 per cent applies for the duration of the product term, with overpayments of 10 per cent permitted per calendar year without charge.
Teachers’ standard variable rate is currently 4.74 per cent.
Andy Yates, business development manager at Teachers Building Society, said: “Given recent movement in the Bank of England base rate, people will be looking for the stability of a fixed rate and this new exclusive, coupled with our tailored lending criteria, bespoke underwriting and ability to lend up to five times joint income, subject to affordability, should make it an attractive option.”
Ian Bavey, investment and mortgage adviser at Newport-based Seer Green, said: “It is not something that jumps out as being incredibly cheap.
"It seems to be like any other lender launching a fixed rate. It is fairly standard in the current market.”
simon.allin@ft.com
