The Teachers Building Society has widened the availability of its Help to Buy mortgage, making it available for remortgage as well as home purchase.

It is available for people with an existing Help to Buy mortgage, many of whom are coming to the end of a two-year discounted deal.

Details are as follows:

• Available for home purchase and remortgage
• Discounted variable rate of 2.44% for the first two years. It then changes to our standard variable rate, currently 4.99%, for the remainder of the term
• Overall cost for comparison is 4.8% APR
• Available for loans up to 75% LTV
• £899 arrangement fee and £99 application fee
• Early Repayment Charge (ERC) applicable
• Remortgage package includes free valuation and £250 towards legal costs

James Bawa (pictured), chief executive of Teachers Building Society, said: “At Teachers Building Society, we’re committed to supporting affordable home ownership schemes and we want to make sure that both teachers and local people, who purchased their property through one of these schemes, are able to come to us for a remortgage.”

Gemma Harle, managing director of TenetLime, added: “This is an innovative and welcome move from Teachers and helps address the issue of limited options for consumers after the initial benefit period expires.”