This deal is targeted at borrowers who want the security of a long-term fixed rate with the flexibility of a shorter five-year deal.

The 10-year fix at 2.75% is available up to 65% loan-to-value (LTV) and has tapered early repayment charges for the first five years. It comes with a mortgage arrangement fee of £999.

“We’ve had feedback from lots of customers looking for long term stability but reluctant to tie in for a full 10-year period so they choose a five-year deal instead,” said Jaedon Green, Leeds Building Society’s director of product and distribution.

“This deal is a good compromise – being able to redeem without penalty after five years gives these borrowers the security of a 10 year fix if they want to stick with it, but the flexibility to switch or pay off their mortgage after five years if they wish.”

The Society has also cut the rate on its standard 10-year fixed rate mortgage to 2.55% and reduced the fee to £999. This is available up to 65% LTV.

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