The mortgage is a 3.15% discount from SVR and will allow for borrowers to make capital repayments of 10% each year without penalty.
The product has a completion fee of £2800 for loans up to £500,000 or 1% for loans over that amount. This can be added to the loan.
There is no higher lending charge and a booking fee of £199.
Martin Richardson, general manager, marketing and business development, at Leeds Building Society, said: “We expect this impressive new product to be popular due to the combination of both a low interest rate and a flat completion fee.
“The very low interest rate will appeal to customers with larger loan sizes due to the benefit it will have on their monthly mortgage payments. Furthermore, the flat completion fee can be added to the loan amount.”