Leeds & Holbeck Building Society has launched a Base Rate Tracker mortgage which guarantees to mirror the Bank of England's base rate for three years.
The current rate of 5 per cent is also guaranteed to change within 24 hours of any fall in the BoE's base rate.
It is available on loans up to 95 per cent loan to value. There are no early redemption penalties.
There is a £295 application fee and a 0.24 per cent loading on the rate if the Society's home insurance is not taken out.