The Teachers Building Society has launched a new Teacher Contract Mortgage aimed at teachers and education professionals working on a contractual basis.

The mortgage is available for educational professionals who have held a teaching position in the education sector for at least 12 months, and have at least six months remaining on their contract.

It is a three-year discounted variable rate of 3.09%, which then changes to the mutual’s standard variable rate (SVR) which currently stands at 4.99% for the remainder of the term.

The deal is available up to 80% LTV and the maximum loan size is £750,000.

It comes with an £899 arrangement fee and £99 application fee; a valuation fee is payable.

James Bawa (pictured), chief executive of Teachers Building Society, said: “As part of our commitment to providing mortgages to cover the life-cycle of education professionals, we have launched this contract mortgage to help these people move onto the property ladder – or indeed move further along towards their dream home.

“With an increasing number of teaching professionals becoming employed on a contractual basis, we are delighted to be able to provide this specialist product to meet their needs.”

Colin Dorman, national account manager for Teachers Building Society, said: “This new teacher contract mortgage, available for main or sole applicants, is a great opportunity for those working on a contractual basis to be able to purchase or remortgage their home.

“With specialist products like this, as well as our own in-house underwriters and assessment of cases on an individual basis, we can really work to the best of our ability to help intermediaries secure mortgages for teaching professionals working within a temporary or fixed term contract.”