The Teachers’ Building Society has unveiled a new professional mortgage product aimed at executives in education.

It is also available to a wider range of professionals in Hampshire, Dorset and Wiltshire.

Currently an intermediary exclusive, the professional mortgage is priced at 1.99% for a two-year discounted variable rate at 75% LTV with an enhancement to its existing interest-only policy.

It comes with a £1499 arrangement fee and £99 application fee.

The minimum loan amount is £400,000 and the maximum £750,000. The minimum income requirement is £80,000 pa.

Colin Dorman, national account manager at Teachers’ Building Society, said: “We aim to provide competitive mortgages to all people working in education and in our local area.

“This product will benefit higher earners looking for an alternative to mainstream lender products and gives an additional option to our dual market proposition.”