SimplyBiz Mortgages has launched a new three-year fixed rate product from the Leeds Building Society.

The product is available for both purchase and remortgages and is priced at 1.95%, fixed until 31 October 2019 for loans up to £500,000.

There is a free standard valuation up to £999 and £300 cashback. It comes with a £999 arrangement fee and no booking fee.

10% capital repayments are allowed per year and there are tapered early redemption charges of 4%/3%/2%.

It is available in England, Wales, Scotland and Northern Ireland.

Martin Reynolds (pictured), chief executive of SimplyBiz Mortgages, said: “Post Brexit, longer term fixed rates are becoming more popular as people look to fix for stability. A three year fixed rate at sub 2% is a fantastic rate, and with the added benefits offers flexibility that may be needed in the near future. We are sure our members will welcome this additional product option.”

Jaedon Green, director of product & distribution at Leeds Building Society, added: “We work very closely with SimplyBiz Mortgages and its members and this new exclusive is another example of how we can adapt to the changing market and offer clients new solutions.”