It comes with a free standard valuation and fees assisted in-house legal services for standard remortgages.

Matt Bartle, director of products at Leeds Building Society, said: “This new product complements our existing range and offers more choice for customers looking for an interest only product.

“Our purpose as a building society is to help people save to have the home they want and we are always looking for ways to help those borrowers less well served by the wider market.

“Those with incomes that vary from month to month, like the self-employed, can find these products suit their needs, because they offer the flexibility of being able to budget for lulls in their income, while also offering the opportunity to repay up to 10% capital a year, without penalty, if they are able.”