Leeds Building Society has announced that it is offering a new five-year fixed rate mortgage, for which the rate will be cut from 5.99% to 5.84%.

The completion fee will be reduced from GBP1499 to GBP999. As well as these cuts, the product comes with no higher lending charge and 10% capital repayments are allowed each year without penalty. The deal is available up to 80% loan-to-value, said Leeds.

Karen Wint, general manager of marketing and customer services at Leeds, said: This new five-year fixed rate mortgage is simple, straightforward and offers outstanding value with excellent peace of mind. It provides the opportunity to lock in at a fixed rate for the medium to long term in a very uncertain market.