The Leeds Building Society has cut the rate on its five-year fixed rate mortgage by 0.36 percentage points up to 80% loan to value (LTV) to a new rate of 4.99%.

There is no higher lending charge and 10% capital repayments are allowed each year without penalty.

Phil Coombes, Leeds Building Society’s head of intermediary sales, said: “We are pleased to reduce the rate on our five-year fixed