The Teachers Building Society is offering a new 95% Loan-to-Value (LTV) mortgage available exclusively to members of the National Union of Teachers (NUT) buying their first home.

The deal is a discounted variable rate for two years at 4.89% followed by the mutual’s Standard Variable Rate (currently 4.99%).

There is a £99 application fee and £1,999 arrangement fee, and the product is available for first time purchases only.

James Bawa, chief executive of Teachers Building Society, said: “We are delighted to be able to offer this competitive 95% LTV mortgage to NUT members. We were founded to help teachers buy their first home, so it’s only right that we provide products that do just this.

“We are endorsed by the NUT and the partnership with the union enables us to understand the issues facing the teaching community and tailor products to meet their needs.”