Leeds Building Society is now offering a new reduced rate of 2.50% on its two-year discount mortgage, a cut of 0.35 percentage points.

It is available up to 75% LTV and allows 10% capital repayments each year.

There is no higher lending charge and comes with a booking fee of £199.

Phil Coombes, Leeds Building Society’s head of intermediary sales, said: “A mortgage at only 2.50% offers clients excellent value