It is available up to 75% LTV and comes with £500 cashback for first-time buyers and remortgagors, as well as a free valuation and no product fee for all borrowers.

Financial information provider Moneyfacts said the deal from Nationwide ‘is likely to turn the heads of borrowers searching for a competitive rate from a familiar brand. Those looking to save on upfront costs will be impressed with the deal’s incentive package and lack of product fee’.

At the same time, Teachers Building Society has extended its maximum mortgage term from 35 years to 40 years. The 40 year term is available on the group’s full range of mortgages subject to lending criteria – the maximum age of lending at Teachers remains 83.

Mortgages from Teachers Building Society are available to teachers and education professionals in England and Wales including NQTS, teachers on supply and contract teachers.