The Teachers Building Society has launched a new 1.49% discounted variable rate Help to Buy mortgage.

The deal, available to teachers and education professionals in England and Wales, is discounted for two years.

It has a £899 arrangement fee and £99 application fee and is available for purchase and remortgage up to 75% LTV.

The Teachers also has a Help to Buy mortgage available for people of any profession looking to buy in Dorset, Hampshire and Wiltshire.

James Bawa, chief executive of Teachers Building Society, said: “This mortgage has a highly competitive rate and is aimed at meeting the needs of a teachers, including those newly qualified, for whom the Help to Buy scheme is a way into home ownership.

“We work hard to make sure our products meet the growing needs of teachers around England and Wales and with house prices continuing to increase, the Help to Buy scheme is one way to help teachers on step onto or up the property ladder.”