Leeds Building Society has introduced a five-year fixed rate mortgage at 2.99%.

It is available up to 80% LTV and comes with a £199 fee, free standard valuation on properties worth up to £500,000, and fees assisted legal services for standard remortgages.

10% penalty free capital repayments are allowed each year.

“In addition to the best buy rate, the incentives package makes this deal particularly attractive for borrowers wanting to minimise the cost of taking out a new mortgage or switching from their existing product to a more competitive rate which could bring down their monthly repayments,” said Martin Richardson, Leeds Building Society’s general manager of business development.

“With mortgage rates so low right now, more borrowers are prepared to consider a five year fix where previously they might have favoured a shorter term.

“The low fee package on this five year deal also offers remortgagors the opportunity to lock in to a lower rate than they have at present with minimal charges up-front.”