Lower rate – even with smaller deposit

Leeds Building Society has also cut its rate for 75 per cent loan-to-value mortgages to 2.94 per cent, and there is no penalty for redeeming up to 10 per cent of the capital each year.

Sales and marketing director Kim Rebecchi said: “The society has reduced rates by up to 0.31 per cent, and now has a market leading three-year mortgage from 2.94 per cent.

“This provides a fantastic opportunity for those borrowers who wish to take away any uncertainty, on what is usually a household’s biggest monthly outgoing, and lock into low fixed repayments.

“It provides customers with peace of mind and the security that their monthly payments will remain the same for three years at a very affordable rate. Furthermore, the mortgage is also fully portable, so should customers wish to move home, they can take this market-leading product with them without penalty.”

The society has also reduced the rates on the fees assisted versions by 0.31 per cent and 0.10 per cent up to 75 per cent and 85 per cent LTV respectively.