The Teachers Building Society has made changes to its fixed rate mortgage range including lowering the rates on a number of mortgages and launching a new three-year fixed rate mortgage.

The reduced fixed rates, available for teachers and local residents, include a two-year fixed mortgage and remortgage and two three-year fixed rate mortgages, all available at 80% or 85% LTV. The rate reductions are up to 40 basis points.

Andy Yates, business development manager at Teachers Building Society, said: “We are pleased to have made reductions to a range of our rates to reflect the current marketplace and provide borrowers with a range of mortgage options.

“Fixed rates meet the needs of many who seek the reassurance of fixed monthly payments and at Teachers we now have a good range of three year fixed rates for borrowers, as well as a teacher-special five-year fixed rate which we have also re-launched for teachers this year.”

All the mortgages have an £899 arrangement fee and £99 application fee; the remortgage has no arrangement fee and an application fee of £99.