Leeds Building Society has issued two new ‘Flexit’ mortgages.

These allow for unlimited overpayments and the ability for borrowers to redeem their mortgage at any time, incurring no penalty.

They come at a maximum of 75 per cent LTV and, for a two-year fix, at 2.29 per cent and for a five-year fix, at 2.55 per cent.

Both include free standard valuation and charge a £999 product. The lender also offers fee assisted legal services for standard remortgages.

Leeds director of products Matt Bartle says: “The anticipated economic uncertainty in 2021 may be a barrier for some people in pursuing homebuying or remortgage plans.

“Whether purchasing a new home or raising funds against an existing property, we know these products have been welcomed for combining the certainty of mortgage payments for a fixed period with the flexibility to break that period without penalty should the need arise.”