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Leeds Building Society, Fixed rate, www.leedsbuildingsociety.co.uk

Leeds Building Society has launched a new range of fixed rate products including a two-year fixed rate that does not have any lock-ins.

The product is available at a rate of 5.95 per cent up to 70 per cent loan-to-value.

For those who wish to borrow up to 90 per cent LTV the mortgage is available at a rate of 6.25 per cent.

The product carries a completion fee of 2 per cent. A higher lending charge does not apply and borrowers are able to make unlimited capital repayments without penalty.

Adviser says...

Peter O' Donovan, mortgage adviser for London-based IFA Bestinvest, said: "It is a good product for people who want to hedge their bets.

"So they get a fixed rate knowing if they want to change or if they have plans to redeem their mortgage or hugely reduce it in the next year or two they can do so.

"However the arrangement fee is very high so they are paying for that flexibility. It may be worth considering a product with a lower overpayment facility with a shorter tie-in. It might be more cost effective than paying the 2 per cent arrangement fee."

Three out of five stars