Teachers Building Society has launched a six-week summer sale “to reward teachers after another challenging academic year” working through the pandemic.

The mutual, founded in 1966 by the National Union of Teachers, says its discounted deals are aimed at first-time buying teachers with smaller deposits who want to get “onto the housing ladder this summer”.

The lender’s sale includes:

A teacher exclusive two-year standard variable rate mortgage at 90% loan to value at 2.99%, with no fee. This rate has been cut by 1.90% from the previous SVR.

And a teacher exclusive two-year SVR mortgage at 95% LTV at 3.50%, with no fee. This rate has been cut by 1.39% from the previous SVR.

The firm offers lending of up to five times single or joint salary for first-time buyers. For those buying jointly, only one applicant has to be a teacher. 

The mutual also offers mortgages to newly qualified teachers, allowing those starting their first job in September to secure a mortgage based on a job offer. 

It adds first-time buyers working as contract and supply teachers can also apply for mortgages with the provider. The sale ends on 6 September.

Teachers Building Society head of product and marketing David Leek says: “Summer is a particularly appealing period for teachers to buy homes as they have the time to both arrange finances and view properties, something that’s more of a challenge during term time.

“After another incredibly tough year where teachers have supported children across the country in continuing their education both in school and via home learning we wanted to reward and recognise their efforts showing our appreciation for the adaptability they’ve displayed during the pandemic.”