The mutual will launching a 4.09% 3-year FirstBuy flexible discounted variable rate mortgage with a maximum LTV of 75% with a £799 fee the next day at 8:00am.
Alan Gravett, head of sales and marketing at Teachers, said: “We’ve replaced the deal with a new competitive product as part of the processes.
“Like most mutuals we’re all struggling with the source book and the limits we have to work to with, in particular when it comes to fixed rate lending.
“The fixed rate product has proved to be very popular but we’ve reached the limit of the number we can sell. We’ve launched the 3-year variable rate to keep such an attractive rate available.”
