Teachers Building Society has launched a new two-year 3.99% discounted variable rate buy-to-let mortgage.

The mortgage is available to teachers nationwide as well as everyone in the Society’s local BH and DT postcode areas.

The product includes a new flexible, ‘no lock-in’ feature to shield borrowers from any rises in its Standard Variable Rate (SVR). It is a variable rate, discounted by 1.75% for the first two years then changing to its buy-to-let standard variable rate which is currently 5.74% and remaining on its variable rate terms for the rest of the mortgage.

An arrangement fee of £1,499 is payable with the application, while an Early Repayment Charge of 5% will be applied during the first two years but will be waived if the Society exceeds any Bank of England Base Rate increase.

The maximum LTV is 75% and a valuation fee is payable.

Alan Gravett, head of sales and marketing at Teachers Building Society, said: “We strive to offer the best rates we possibly can to borrowers and savers and this new buy-to-let deal offers good value to landlords.