Teachers’ Building Society has reduced the rate on its discounted variable rate deal for loans up to 60% Loan-to-Value (LTV) to 1.79%.

The mutual also recently lowered the rates on most mortgage deals for up to 85% LTV and has simplified its product range, with separate deals for home purchase only and remortgage cases.

2 and 3 year variable rate deals have been reduced as follows:

2 year deal for home purchase

• · 1.79% discounted variable rate
• · £1499 arrangement fee and £99 application fee
• · Available for loans up to 60% LTV

2 year deal for home purchase

• · 2.79% discounted variable rate
• · £899 arrangement fee and £99 application fee
• · Available for loans up to 85% LTV

3 year deal for home purchase

• · 2.89% discounted variable rate
• · £899 arrangement fee and £99 application fee
• · Available for loans up to 85% LTV

3 year fee free deal for remortgages only

• · 3.09% discounted variable rate
• · No arrangement or application fees and valuation fee refunded
• · Free legal fees if using our appointed solicitor (England & Wales only)
• · Available for loans up to 85% LTV

Colin Dorman, national account manager at Teachers’ Building Society, said: “We’ve been working hard to ensure that we’re providing the best rates we possibly can and an uncomplicated product range.

“I’m confident that intermediaries will find it easier to navigate our range now that we’ve separated the majority of deals available for home purchase from those available for remortgages. For brokers that haven’t submitted cases to us before, we underwrite on a case by case basis and do not use credit scoring.”