The Leeds Building Society has launched a new two-year discount mortgage at 2.85%.

It is available up to 75% LTV and represents a discount of 2.84% off the Society’s SVR.

The mutual is also launching versions of this product with a 2.49% discount up to 80% LTV (currently 3.20%) and with a 1.84% discount up to 85% LTV (currently 3.85%).

This product also allows 10% capital repayments each year.

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

Phil Coombes, Leeds Building Society’s head of intermediary sales, said: “A mortgage from only 2.85% offers clients excellent value