The new ‘Welcome’ range is available to all borrowers from today, Wednesday 10 June, with three- and five-year fixes offered up to 90% loan-to-value (LTV).

Leeds said the products were created to help buyers manage the costs of moving home and would result in borrowers paying a similar amount over the term of the mortgage as those who started repayments immediately.

As an example, the building society said a borrower taking a £150,000 mortgage at 80% LTV and paying no interest for three months followed by 3.79% for the remainder of the term would ultimately pay £1 more than the equivalent borrower on its standard mortgage product at 3.45%.

Leeds Building Society sales and marketing director Kim Rebecchi said that the products were intended to give borrowers more flexibility.

“The cost of buying a home is not limited to finding a deposit and being able to pay the mortgage. Stamp Duty, solicitor’s fees and searches all have to be budgeted for,” she said.

“This reduces their outgoings immediately after they move in and gives borrowers the opportunity to decorate, make improvements or buy furniture for their new home.

They then pay a fixed monthly payment for the remainder of the product period at a competitive and affordable rate, creating flexibility and certainty at the same time. “These products offer excellent value and support borrowers in the early months in their new home. Depending on the size of the mortgage and the 0% period chosen, borrowers can initially reduce their outgoings by thousands of pounds, allowing them the flexibility to improve their property and manage their cash flow.

“Furthermore, their monthly payment after the 0% period does not increase significantly compared to a standard fixed rate product, avoiding a payment shock.”