Fixed mortgages that now let you bail out half way through | Money

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. The loan is available to homeowners with deposits of at least 20 per cent. The bank also offers a 10-year Fix and Flex deal that you can end without charge after five years.

The ERC on TSB’s standard five-year fixes starts at 5 per cent of the loan amount and decreases by a percentage point each year for five years. If you paid off the mortgage after three years, you would be liable for a

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