Leeds Building Society will reduce rates by up to 0.45% on its residential mortgages on 17 November.

Rates will be reduced for purchases and remortgages across its two- and five-year fixed-rate product range. 

The two-year fixed has a rate of 5.19%, which is available up to 65% loan-to-value (LTV) and comes with a £999 completion fee. 

It comes with a free standard valuation, fees assisted legal service for in-house remortgages and 10% penalty-free capital over repayments allowed each year. It also has early redemption charges of 2.5%/1.5% of the amount redeemed.

Meanwhile, the five-year fixed has a rate of 5.24% and is available up to 85% LTV with a completion fee of £999.

It comes with a free standard valuation, fees assisted legal service for in-house remortgages, and 10% penalty-free capital over repayments allowed each year. It also has early redemption charges of 5%/5%/4%/3%/2% of the amount redeemed.

Leeds Building Society director of products Matt Bartle says: “The recent, rapid interest rate rises following the September mini-budget have been a hammer blow to many people and that’s why the cuts we have announced today will be very welcome news to many borrowers.”