The product tracks the base rate plus 2.79% until 31st October 2014 and is available via intermediaries.
It includes a £199 booking fee and £800 completion fee, and allows borrowers up to 10% capital repayments each year without incurring penalties.
Kim Rebecchi (pictured), sales and marketing director at Leeds Building Society, said: “This mortgage offers very good value both immediately and going forward. With many market commentators predicting that Bank of England (BoE) base rate will remain low for some time, this is an excellent rate.
“Furthermore, unlike some other trackers in the market, this mortgage does not have a collar. Therefore, if the BoE base rate falls, borrowers will actually benefit immediately.
“Borrowers also have some flexibility as we allow 10% capital repayments each year, without penalty, and there is no is no higher lending charge.“