Leeds Building Society has cut the rate on its two-year fixed rate mortgage by 0.65 percentage points to a new rate of 3.24%.

It is available up to 80% LTV and there is no higher lending charge.

10% capital repayments are allowed each year without penalty.

Phil Coombes, Leeds Building Society’s head of intermediary sales, said: “This is a fantastic opportunity for those borrowers who wish to lock into the certainty of low fixed repayments. This product delivers clients with the peace of mind and security that their monthly payments will remain the same for two years. This is combined with the flexibility of 10% capital repayments each year at a very affordable rate.””