Market Harborough Building Society (MHBS) has launched a new three-year discount product.

It comes with an early repayment charge (ERC) of 1%.

The new three-year residential deal is available on loans between £750k and £2m and follows the Society’s recent announcement of a reduction across its fixed rates.

MHBS also provide solutions for high net worth clients and accept joint borrower sole proprietor, second homes, simple annexes and more under its residential tier one pricing.

Chris Thompson, the society’s national account manager, said: “We’ve launched this new deal with a lower ERC of just 1% following feedback from our intermediary partners. They told us their clients are looking for the option to exit their mortgage early without facing large penalties.

“We have designed our new product with this in mind, it offers much-needed flexibility for clients in this challenging environment.”