The Sunday Times - Fixed mortgages that now let you bail out half way through
Mortgage lenders are removing or lowering the early repayment charges (ERCs) on fixed-rate and tracker loans, saving borrowers thousands of pounds if they switch deals before the end of their term.
TSB’s new Fix and Flex mortgage allows customers to break a five-year fixed-rate term after three years without penalty. Coventry and Leeds building societies are also offering mortgages with flexible ERCs
Aaron Strutt from Trinity Financial told The Sunday Times: “People often have to make changes to their long-term plans, and often get stuck paying high exit fees. Opting for a more flexible mortgage could save you a fortune.”
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