Leeds Building Society has cut the rate on its 10-year fixed rate mortgage by one percentage point to 4.99%.

It is available up to 80% loan to value (LTV) and 10% capital repayments are allowed each year without penalty.

There is a £199 booking fee and a £800 completion fee up to £500,000.

There are tapered early repayment charges of 6% of the amount redeemed in years one and two, 5% in years three to six, 4% in years seven and eight, 3% in year nine and 2 % in year 10.

Kim Rebecchi, sales and marketing director at Leeds Building Society, said: “This product speaks for itself and delivers peace of mind and security