Teachers Building Society has launched a new two-year discounted variable rate mortgage up to 75% LTV.

The discounted variable rate is 2.59% and the deal comes with a product arrangement fee of £999 and a valuation fee is payable.

The product is available exclusively via intermediaries and is for both purchase and remortgage.

There are also no Early Repayment Charges with the deal.

Alan Gravett, head of sales and marketing at Teachers Building Society, said: “We understand that borrowers like the security of fixed rate deals