The Teachers Building Society has unveiled a new 4.29% three-year fixed rate shared ownership mortgage.

The deal, available to teachers and education professionals in England and Wales as well as residents of Dorset, Hampshire and Wiltshire, is available up to 95% LTV.

Details are as follows:

• Three-year fixed rate of 4.29% then changing to the Teachers’ SVR, which currently stands at 4.74%, for the remainder of term
• No arrangement fee and £99 application fee
• Overall cost for comparison is 4.7% APRC
• Available for purchase and remortgage

Andy Yates, business development manager at Teachers Building Society, said: “The shared ownership scheme provides an affordable way for people to step onto the property ladder, especially first-time buyers in a market where house prices continue to rise and finances are squeezed.

“This new fixed rate mortgage is designed to meet the needs of buyers seeking the reassurance of fixed payments  – this, along with our ability to lend up to 95% LTV of the share purchase and with no arrangement fee, provides an extra helping hand for those looking to purchase their own home via this scheme.”