Leeds Building Society has launched a new two-year fixed rate mortgage, priced at 2.99%.

It is available up to 65% loan to value (LTV) and there is no higher lending charge.

It comes with a £199 booking fee and £1,800 completion fee.

The maximum loan available is £250,000, while there are tapered early repayment charges of 3% of the amount redeemed in year one and 2% in year two.

10% capital repayments are allowed each year without penalty.

“This is an excellent offer that allows clients to guarantee low payments for two years and benefit from the peace of mind this delivers,” said Phil Coombes, Leeds Building Society’s head of intermediary sales.

“Many borrowers want to control their outgoings, and we know that certainty at an affordable rate will be popular.

“There is a strictly limited tranche for this market leading product and I would urge people to act quickly to avoid disappointment.”