The Teachers Building Society is offering a new Teacher Executive Mortgage with a two-year discounted variable rate currently at 1.89%.

The mortgage is offered up to 75% LTV.

It is aimed at higher earning teachers seeking a mortgage for a home purchase; the minimum education professional income amount is £50,000.

The deal comes with a £99 application fee and £999 arrangement fee.

The minimum loan figure is £250,000 and the maximum is £750,000. There are no Early Repayment Charges.

Colin Dorman, national account manager of Teachers Building Society, said: “It’s important for us to offer a range of products for the differing needs of teachers and I’m confident that this Teacher Executive Mortgage which offers a competitive 1.89% variable rate will suit the needs of high-earning teachers in the UK looking to move up the property ladder.”