The Teachers Building Society has lowered the arrangement fee on its 95% and 90% LTV mortgages.

The previous arrangement fee of £1999 has been lowered to £899 and the two mortgages have been relaunched as three-year variable rate mortgages.

Three-year discounted variable mortgage:

• A variable rate which is discounted by 0.40 percentage points from its Standard Variable Rate to 4.59% for the first three years.
• £899 arrangement fee and £99 application fee
• Valuation fee payable
• Early Repayment Charge (ERC) applicable

Teacher First-Time Buyer Teacher Mortgage:

• A variable rate which is discounted by 0.10 percentage points from its SVR to 4.89% for the first three years.
• Available exclusively to members of the National Union of Teachers (NUT)
• Available for loans up to 95% Loan-to-Value
• £899 arrangement fee and £99 application fee
• Valuation fee payable
• Early Repayment Charge (ERC) applicable

James Bawa (pictured), chief executive of Teachers Building Society, said: “Teachers Building Society is implementing a range of changes to its products in order to make them as affordable as possible for first-time buyers and home movers, and these changes are all part of that process.”

Colin Dorman, national account manager, added: “We’re pleased to announce the lowering of these fees as it will help teachers and people looking to buy in Dorset, Hampshire and Wiltshire get onto the property ladder, making the product more affordable to people on a tight budget.”