The product is available at a discounted variable rate of 2.59% at up to 75% loan to value with a product arrangement fee of £999.
The deal then reverts to Teacher’s standard variable rate at 4.99%.
Alan Gravett, head of sales and marketing at Teachers, said: "We understand that borrowers like the security of fixed rate deals but in such a low interest rate environment they could be making the most of variable mortgage rates that could make their monthly payments much less than some of the fixed rate deals on offer in the market.
“The no-ERC feature of this highly competitive 2-year deal should appeal to those borrowers who are nervous of the lock-in aspect of most variable rate mortgages as they’ll be free to switch to another deal or provider if interest rates creep up, unlikely as that may be in the foreseeable future.”
