The Teachers Building Society has reduced the rates on some of its low deposit mortgages and made its 95% LTV mortgage available to all teachers in England and Wales.

The new rates include a 4.39% three-year fixed rate mortgage and a 3.89% two-year variable rate mortgage, available to teachers in the England and Wales and those looking to purchase in a property in Dorset, Hampshire and Wiltshire.

James Bawa, chief executive of Teachers Building Society, said: “As a Society set up by teachers to help teachers step onto the property ladder we are delighted to roll out a 95% LTV mortgage to all teachers across England and Wales and to lower our 90% LTV mortgage rates to teachers and residents in Dorset, Hampshire and Wiltshire.

“The great news is that the 95% LTV mortgage product offered to teacher applicants is not restricted by property type and is available for purchases / remortgages of both flats and houses (not including new builds).

“In addition, when an applicant is considering a shared ownership property, we only ask for a 5% deposit on the share being purchased, irrespective of property type or age – all part of our commitment to helping people move onto the property ladder in such times when property prices are at an all-time high and people need to be able to buy a home with a smaller deposit.”