The Teachers Building Society is now offering a two-year discounted variable mortgage deal with a rate of 1.99% for loans of up to 60% LTV.

The new deal is available exclusively via intermediaries, while the home purchase rate is available both direct from Teachers Building Society and its broker network.

The 1.99% rate comes with an arrangement fee of £1,799 and an application fee of £99. For remortgage applications, the valuation fee will be refunded and there are no legal fees if applicants use Teachers Building Society’s appointed solicitor.

James Bawa, chief executive of Teachers Building Society, said: “This very competitive product enables us to broaden our mortgage range to offer something to customers who may have been home owners for some time. As a lender striving to help teachers and Dorset people onto the property ladder, we’ve focused our attention on the higher LTV end of the market in recent years but it makes sense to ensure we have something to offer people seeking a good deal at a lower LTV too.”

Teachers Building Society has partnered with broker networks Legal & General Mortgage Club and Mortgage Intelligence.

Martyn Smith, head of mortgage products at L&G Mortgage Club, said: “This is a very competitive deal from Teachers Building Society for borrowers with a 40% deposit. I’m sure our members will appreciate being able to offer the deal to clients looking to remortgage, which is only available via intermediaries.”

Sally Laker, managing director at Mortgage Intelligence, says: “We are pleased to be working with Teachers Building Society to offer this fantastic product, available to all our AR & DA members. As a lender based in the Dorset area our close proximity allows us to actively promote, to our regional advisers, raising awareness of both the Teachers brand and the fully competitive product range available to all customers not just the teaching profession.”