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Conditions: The rate of 3.40 per cent is available up to 75 per cent loan-to-value. There is also a version available up to 80 per cent LTV at 4.99 per cent.

There is £199 booking fee and a £800 completion fee for loans up to £500,000.

For loans over £500,000, the fee will be 1 per cent of loan amount.

There is no higher lending charge on the products, and 10 per cent capital repayments are allowed each year without penalty.

In addition, there are tapered early repayment charges of 3 per cent of the amount redeemed in the first year and 2 per cent in the second.

The rate includes a 0.24 per cent discount for taking the society's Homecover insurance which is required until 31 July 2011. However, if home cover is not taken at any time, the 0.24 per cent discount will not apply.

Contact: www.leedsbuildingsociety.co.uk

Verdict: Michael Brill, director of Essex-based Baronworth Investment Services Ltd, said: "If their home cover insurance is competitive, then it is an excellent deal, but if it isn't then the deal is OK.

"If the cover is not competitive and the borrower does not take that then obviously the rate goes up by nearly another quarter per cent, which is then only reasonably competitive."

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