The product, available for both purchases and remortgages, carries a £99 application fee and a £899 arrangement fee and no early repayment charge.
Martyn Smith, head of mortgage products at L&G, said: “Teachers is a building society we have developed a great relationship with and has a fantastic range of products. The latest 2.29% 2-year variable is the lowest no ERC product available on the market.
“All of these deals represent great value and it is fantastic that we are able to offer them via the mortgage club.”
Other 75% LTV products announced in the launch include a 2.59% 2-year fixed, a 2.69% 3-year fixed and a 3.69% 5-year fixed all with a £99 application fee and £899 arrangement fee.
Deals available on 85% LTV with the same fee structure are a 3.59% 2-year fixed and a 3.69% 3-year fixed. A 4.94% 3-year fixed is also available for those with a 10% deposit.
Alan Gravett, head of strategy, marketing and business development at Teachers Building Society, said: “Our latest variable rate product with no ERC is designed to give borrowers the best of both worlds, a highly competitive rate with flexibility in case they experience a change in their circumstance.
“By launching this product for our intermediary partners only, we are extending the options they can offer to their clients. ”
