Teachers Building Society has announced today that it has launched a new 1.25% discounted variable rate Summer Special mortgage for those who work within the education industry.

The product has a 2 year variable rate of 1.25% (3.74% discount from its SVR, currently 4.99%), at a maximum LTV of 60%.

Andy Yates, Business Development Manager of Teachers Building Society, said: “This mortgage has a competitive rate and is aimed at meeting the needs of a teachers looking to purchase or remortgage. With tailored lending criteria, bespoke underwriting and the ability to lend up to five times joint income (subject to affordability), we can even consider Newly Qualified Teachers (NQTs) working on a one year contract, or teachers working on a supply or fixed term contract (if applying jointly with another permanently employed applicant).”

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