The Teachers Building Society has launched a new 1.25% discounted variable rate ‘summer special’ mortgage.

The mortgage, available to teachers and education professionals in England and Wales, is discounted for two years. It comes with an £899 arrangement fee and £99 application fee.

It is available up to 60% LTV and exclusively to teaching professionals for home purchase and remortgage applications.

Andy Yates, business development manager of the Teachers Building Society, said: “This mortgage has a competitive rate and is aimed at meeting the needs of a teachers looking to purchase or remortgage.

“With tailored lending criteria, bespoke underwriting and the ability to lend up to five times joint income (subject to affordability), we can even consider Newly Qualified Teachers (NQTs) working on a one year contract, or teachers working on a supply or fixed term contract (if applying jointly with another permanently employed applicant).”