The Leeds Building Society has cut the rates on its Welcome Mortgage range by up to 0.34 percentage points.

The range offers purchasers flexibility and certainty over a two, three or five-year term and the mutual added a £200 cashback incentive on its two, three and five-year fixed rate Welcome Mortgages.

The two-year fixed rate available up to 80% LTV has been reduced by 0.34 percentage points from 3.39% to 3.05%, with the two-year version up to 85% LTV being lowered from 4.07% to 3.74%.

The Leeds has cut the five-year fixed rates by 0.11 percentage points to 4.12% up to 80% LTV and by 0.22 percentage points to 4.23% up to 85% LTV.

There is no completion fee, a free standard valuation is available up to £335 and 10% capital repayments are allowed each year without penalty.

Martin Richardson, Leeds Building Society’s general manager – business development, said: “I am very pleased that we are able to reduce the rates on our two-year Welcome Mortgage, available up to 80% LTV, from 3.39% to 3.05% and from 4.07% to 3.74% up to 85% LTV. We have also lowered rates by up to 0.22% on the five-year products.

“These offers deliver certainty at an affordable rate and are excellent options for purchasers. Clients can choose a 0% interest rate period and pay capital only. This reduces their outgoings immediately. They then pay a fixed monthly payment for the remainder of the product period at a competitive and affordable rate, creating flexibility and certainty at the same time.

“Our offering had previously been enhanced further by adding £200 cashback to the range. The two, three and five-year products deliver certainty at an affordable rate and are excellent options for purchasers.”