The Leeds Building Society has celebrated the first anniversary of the launch of its Welcome Mortgage.

The mortgage offers borrowers a fixed rate and the choice of three or six months at the start of the home loan where they pay 0% interest.

Available up to 90% LTV (loan to value), the Society’s Welcome Mortgages come with added benefits such as no completion fee, a free standard valuation up to £335 and £200 cashback.

Current deals include two, three and five year fixed rate products and the total cost of the Welcome Mortgages is comparable with the Society’s standard fixed rate mortgages. One of the most popular current Welcome Mortgages is a 4.34% five year fixed rate deal, available up to 85% LTV with 0% interest for three months.

“We introduced our Welcome Mortgage in response to a need we identified in the market,” said Martin Richardson, Leeds Building Society’s General Manager – Business Development.

“Many borrowers – particularly first time buyers – are looking for ways to keep down the costs associated with buying a home. Finances are most likely to be stretched after moving in, when buyers have paid stamp duty and other charges linked to their purchase.

“They then face set-up costs for utilities and may want to start DIY and decorating jobs to make their home feel their own, so the Welcome Mortgage is intended to offer them some breathing space when this is most needed, at a negligible extra cost.

“Many of the borrowers who have chosen a Welcome Mortgage were First Time Buyers, so we’re delighted that people making their first steps onto the property ladder have been able to benefit from our innovation.

“We’re also delighted by the reception for the Welcome Mortgage from industry commentators and the awards that we’ve won since the product was launched.

“We’re always looking for ways to innovate to better meet the needs of our customers and will continue to work on creating good value products to help them to get on with their lives.”