A new fixed-rate mortgage product is being launched by Leeds Building Society.

The company says its five-year deal is simple and straightforward for those who wish to budget through guaranteed payments.

General manager of marketing and customer services Karen Wint said: "With many mortgage customers coming out of a fixed rate in 2008 the opportunity to fix the cost of the biggest monthly outgoing will be welcomed."

The product will have an interest rate of 5.99 per cent and come with a £1,499 completion fee. There will be no penalty for early repayments, with ten per cent of capital allowed each year.

Available through branches, the call centre and the society's website, the maximum loan will be £250,000.

Meanwhile Norwich and Peterborough Building Society has launched a three-year tracker deal, which will charge interest at 0.7 per cent above the Bank of England base rate.


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