Teachers launches NUT 95pc LTV exclusive

The product has a 2-year discounted rate of 4.89% which is followed by the lender’s standard variable rate, which is currently 4.99%.

The mortgage charges a £99 application fee and £1999 arrangement fee, while it is available for first-time purchases only.

James Bawa, chief executive of Teachers Building Society, said: “We are delighted to be able to offer this competitive 95% LTV mortgage to NUT members.

“We were founded to help teachers buy their first home, so it’s only right that we provide products that do just this.

“We are endorsed by the NUT and the partnership with the union enables us to understand the issues facing the teaching community and tailor products to meet their needs.”

The building society has been providing mortgages to teachers and education professionals for nearly 50 years.