The Leeds Building Society has refreshed its range of Welcome Mortgages, which come with a 0% interest rate at the start of the loan.

The mutual launched the mortgage in 2013. The deals are fixed and give borrowers three months at the start of their term where they pay 0% interest. The total cost to borrowers is comparable to the Society’s equivalent fixed rate mortgages, it said.

Deals in the relaunched current range include:

• Fee saver 2.64% five year fixed rate Welcome Mortgage with three months 0%, available up to 85% LTV (loan to value)
• Fee saver 3.70% five year fixed rate Welcome Mortgage with three months 0%, available up to 90% LTV

Added incentives include a free standard valuation and no product fee.

“It almost exactly five years since we launched the Welcome Mortgage and we’re delighted it’s been so well-received by borrowers,” said Jaedon Green, Leeds Building Society’s director of product and distribution.

“We created Welcome Mortgage because moving home is a difficult process to budget for. The majority of people underestimate the costs involved.

“Welcome provides a breathing space of three months to help homebuyers navigate the challenges of moving home, whether coping with unexpected costs, emergency DIY or simply keeping finances under control, while they adjust to the running costs of the new home.”