Leeds Building Society is cutting rates on its fixed-rate mortgage range by up to 0.50% from tomorrow. A 2-year fixed rate deal has been reduced from 5.75% to 5.25%, with 80% loan-to-value and a completion fee of 3% of the loan amount.

There are also new 3-year fixed rate options available, beginning at 5.99% at 80% LTV, rising to 6.49% up to 90% LTV. There is a £999 completion fee up to £500,000, and over £500,000 the fee will be 1% of the loan amount.

There is no higher lending charge on any of the new 2 or 3-year products. A number of the deals also provide a free valuation up to £335 and allow 10% capital repayments each year, without penalty.

All fee-free versions also benefit from free in-house legal services for remortgages and no higher lending charge. The products are also fully portable, so if customers wish to move during the term they can take the mortgage with them.

"There are currently many reports in the media saying the best mortgage deals are only available to those with large deposits. However, we are offering very competitive deals to those with only a 10% deposit,” said Karen Wint, General Manager Marketing & Customer Services.

"We recognise that many people are struggling in the current financial climate with large increases in the cost of living. Many borrowers like the ability to budget through fixed monthly payments. The cuts to our fixed rate mortgage range will minimise the payment shock for a sizeable proportion of borrowers and reduce monthly outgoings for many more. This will provide peace of mind at an affordable rate."

More information is available from Leeds branches, online at www.leedsbuildingsociety.co.uk, or by calling the mortgage hotline on 08450 540 994.

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