Leeds Building Society has cut the rate on its five-year fixed rate mortgage, available between 70% and 80% loan to value (LTV), by 0.10 percentage points to 3.19%.

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

It comes with a £199 booking fee and £800 completion fee up to £500,000, 1% over £500,000.

There are apered early repayment charges of 5% of the amount redeemed in years 1 and 2, 4% in year 3, 3% in year 4 and 2% in year 5.

Kim Rebecchi, Leeds Building Society’s sales and marketing director, said: “This is a market leading opportunity for those borrowers looking to lock into the certainty of low fixed repayments. This product combines certainty, at a very affordable rate, with the flexibility of 10% capital repayments each year. The other important factor is that it is also available up to 80% LTV, making it accessible to more borrowers.

“I would urge those customers coming to the end of an existing deal or looking to move home to visit our branches, where we have fully qualified mortgage advisers available on a no appointment necessary basis.”