The deal is a discounted variable rate for two years at 4.89% followed by Teachers Building Society’s SVR (currently 4.99%). The mortgage comes with a £99 application fee and £1,999 arrangement fee, making the overall cost for comparison 5.2%. It’s 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 society has been providing mortgages to teachers and education professionals for nearly 50 years and the product range includes deals for people remortgaging and moving home as well as first-time buyers.