Teachers Building Society has expanded its range with two new 95 per cent loan-to-value mortgage deals.
The new deals are aimed exclusively at teachers and lecturers including those newly qualified.
It includes a two-year variable rate mortgage at 3.29 per cent, and a five-year fixed rate mortgage at 4.49 per cent.
Both deals come without an arrangement fee, free valuations are available and a £99 application fee applies.
Andy Yates, head of mortgage sales at Teachers Building Society, said: "We are excited about the launch of these mortgages, designed to help intermediaries support their clients who are teachers and who may have smaller funds available to put down towards a deposit.
"All our standard mortgages are also arrangement fee-free, as we understand that in reality buying your first house can often be one of the most expensive times in people's lives.
"When we say arrangement fee-free we mean it - people won't end up paying those charges elsewhere to make them think they are getting a better deal.
"We are delighted that via our intermediaries, teachers can buy their dream home with only a 5 per cent deposit and at an attractive rate with one of our 95 per cent LTV mortgages."
Carl Shave, director of Suffolk- based Just Mortgage Brokers, said: "The Teachers Building Society continues to provide assistance to the teaching community within the mortgage industry.
"The new products will look to maintain their presence, albeit the 95 per cent LTV market is currently competitive across the spectrum of lenders in this sector with some very attractive rates being available.
"However, their personal approach to understanding teachers employment contracts will undoubtedly serve them well."
aamina.zafar@ft.com
