Leeds Building Society has launched a new direct-only five-year fixed mortgage range at 3.94%, a reduction of up to 0.65% from the previous product.

It is available up to 60% loan to value (LTV). There are also versions available at 4.59% between 61% and 80% LTV and 5.39% between 81% and 85% LTV. There is no higher lending charge, the mortgage is portable should customers wish to move home and 10% capital repayments are allowed each year without penalty.

Kim Rebecchi, sales and marketing director at the Leeds, said: “We know that interest rates cannot stay this low forever. Andrew Sentence