Teachers Building Society has launched a Help to Buy mortgage deal, which offers both teachers and Dorset residents the chance to buy a new-build home with just a 5% deposit.

The three-year discounted variable mortgage deal has a rate of 2.89% on up to 75% loan to value.

The deal has no arrangement fees and a £99 application fee refundable upon completion. The valuation fee is also refunded on completion.

The Help to Buy mortgage offer is available both direct from Teachers Building Society and through its network of intermediaries.

James Bawa, chief executive of Teachers Building Society, said: “Help to Buy offers the chance to buy a new build home to buyers who would otherwise be denied access by the lack of a sizeable deposit.

“We are delighted to be able to take part in the scheme and look forward to helping more teachers and Dorset people realise their home owning dreams.”