"Borrowers are increasingly favouring longer term fixed products."
Launching tomorrow, the five-year fixed rate is available at 2.34% with a £999 fee and free standard valuation.
Matt Bartle, director of products at Leeds Building Society, said: “We’re constantly refining and enhancing our mortgage products and know that borrowers are increasingly favouring longer term fixed products.
“Current economic and political conditions are leading more people to look at longer term deals to safeguard themselves from potential rate rises in the near future.
“We believe the reduction to our five-year rate will meet the needs of those who are often under served by the wider market, particularly those with smaller deposits, so it’s ideally suited to people looking to take the first step onto the property ladder.
“It complements our wider affordable housing offering, which includes Help to Buy and shared ownership mortgages, alongside higher-LTV traditional mortgages.”
