The discounted variable rate then changes to the Standard Variable Rate, which currently stands at 4.99% for the remainder of term.
Teachers' 3 year fixed rate now starts at 2.79% up to 80% LTV, or 75% LTV through Help to Buy.
A 3 year fixed rate up to 90% LTV is also available at 5.09%.
James Bawa, chief executive of Teachers Building Society, said:
“We have launched a range of competitive mortgages available for purchase and remortgage including three fixed rate mortgages which are designed to meet the needs of buyers seeking the reassurance of a fixed rate deal.
“We are on the cusp of the busy school summer break, traditionally a time when a large number of teachers, including those newly qualified will be buying a new home. Our new 90% fixed rate mortgage is designed to ensure we have both fixed and variable rate deals available at all LTVs, including those aimed at people able to put down only a small deposit. We are committed to offering a range of good value products to teachers in England and Wales, as well as local residents, and these new products are all part of that process.”
