Leeds Building Society has issued two new 90 per cent LTV products for purchase or remortgage.

They come as a two-year fix at 3.44 per cent that switches to a 4.04 per cent discounted rate until February 2026 and a five-year fix set at 3.50 per cent.

Both are for residential mortgages, come with a free standard valuation, fees assistant legal services for standard remortgages and charge a £999 product fee.

Additionally, 10 per cent capital repayments are allowed each year penalty free.

The building society says that December was its busiest month for home purchases in its history.

Director of products Matt Bartle comments: “The stamp duty holiday announced in July strengthened the market’s bounceback after the first lockdown and four of our five busiest months ever for purchaser applications were in 2020, including the peak in December.

“July was our busiest-ever month for both Help to Buy and shared ownership lending, and our shared equity lending reached its highest-ever level in September.

“While we’re currently experiencing another lockdown as 2021 has begun, this time around there should be much less impact on the functioning of the housing market as estate and letting agents, and removal companies, can continue to operate.

“These differences to last March’s lockdown – and the strong recovery of the housing market in the latter half of 2020 – gives us grounds for optimism, even though overall economic conditions clearly remain uncertain.”