The Leeds Building Society has launched a new low-fee two year tracker mortgage priced at BBR+ 2.49% (currently 2.99%).

Available for loans up to 85% LTV, the mortgage has a £199 booking fee and a £400 completion fee.

The new tracker also comes with a free standard valuation up to £335, and free in-house legal services for standard remortgages.

“The Bank of England Base Rate has been at its historically-low level of 0.5% for almost exactly five years,” said Kim Rebecchi, sales and marketing director at Leeds Building Society.

“Borrowers who don’t expect an increase in the near future might want to act now to choose a competitive tracker rate, and our latest two year product comes with a package of benefits, including a free standard valuation, to cut down their upfront costs.

“If they prefer the flexibility of a tracker mortgage, the two year term on this product gives borrowers the opportunity to review their home loan options at the end of this period.”