Leeds Building Society has cut the rates on its two, three and five year fixed rate mortgages by up to 0.37 percentage points.

In addition, the Society has added a two-year ‘Welcome Mortgage’, which gives customers the option of paying 0% for the first three months, with the remaining payments at a fixed rate.

This follows the launch of the 3 and 5 Welcome Mortgages, which have also been reduced.

The mutual claims the total cost of the Welcome products is comparable with the standard fixed rate mortgages offered by the Society. There is no completion fee, a free standard valuation is available up to £335 and 10% capital repayments are allowed each year without penalty.

Kim Rebecchi, Leeds Building Society’s sales and marketing director, said: “We launched our three and five-year Welcome Mortgages earlier this month and the feedback we have received has been very positive.

“Our intermediary partners also wanted a two-year version, and this is exactly what we have delivered, whilst ensuring that the cost is broadly the same as our standard two-year fixed.

“I am delighted that we have been able to reduce the cost of our two, three and five-year Welcome Mortgages and our standard two, three and five-year fixed rate range by up to 0.37%.

“All these products deliver certainty at an affordable rate and are excellent options for purchasers.”