Leeds & Holbeck Building Society is launching a two year fixed rate mortgage.
The rate is fixed at 5.74 per cent until January 1, 2002 for loans up to 90 per cent loan to value. This rate increases to 5.98 per cent if the society's Homecover insurance is not taken.
The loan which carries a £295 administration fee, is not available for remortgages.
If the mortgage is redeemed within the fixed rate period a six months' interest penalty applies.