Vernon Building Society has updated its discounted variable rate mortgages, now letting borrowers make capital repayments of up to 25% a year without paying any early repayment charges (ERCs).
This overpayment allowance is higher than the usual 10% seen elsewhere in the market.
Brendan Crowshaw (pictured), head of mortgage & savings distribution at Vernon Building Society, said: “Discounted variable rate mortgages are often overlooked in favour of fixed rate deals, but they can offer real value, particularly in an environment where interest rates are expected to fall.
“They are competitive, flexible and a smart choice for borrowers who want to make overpayments.
“Our 25% capital repayment allowance, without penalty, is very competitive and designed to help customers take greater control of their mortgage.”
