The mutual said many people were coming to the end of their initial two-year Help to Buy deal and were looking to refinance.

The mortgage is available to all borrowers with a 25% deposit and also remains available for home purchase.

It has a discounted variable rate of 2.44% for the first two years before reverting to the standard variable rate, currently 4.99%, for the remainder of the term.

A £899 arrangement fee and £99 application fee apply.

Teachers Building Society welcomes applications from teachers and other education professionals across England and Wales, plus individuals of any profession looking to purchase or remortgage in Dorset, Hampshire or Wiltshire.

James Bawa, chief executive of Teachers Building Society, said the society was looking to meet the needs of people in the education sector.

“At Teachers Building Society, we’re committed to supporting affordable home ownership schemes and we want to make sure that both teachers and local people, who purchased their property through one of these schemes, are able to come to us for a remortgage,” he said.