The Yorkshire-based mutual said more people were looking to remortgage onto a long term fixed deal. Its new product is in response to this demand.

Recent data showed that remortgage levels are now at their highest level since November 2008, following a long period of sluggish activity.

Leeds has now launched a five-year fix at 3.34%. The deal is available for borrowers with a 15% deposit and comes with no product fees.

The 3.34% deal is available up to 85% LTV (loan to value) and has no product fee.

“We’ve experienced strong and growing demand in the past couple of months from remortgagors who are taking the opportunity to switch to a better deal,” said Martin Richardson, Leeds Building Society’s business development general manager.

“With the Bank Base Rate potentially staying at its historic low for longer than recent speculation has indicated, a longer-term fix at a competitive rate is an attractive option for borrowers wanting security of payments for what’s likely to be their largest monthly outgoing.

The product also includes a free valuation for properties worth up to £500,000, and fees assisted legal services.

Richardson added: “A remortgage to a competitive rate can bring down monthly repayments or even shave months or years off the total life of a mortgage, saving many thousands of pounds overall.

“This latest five year deal has no upfront fees, in line with the rest of our remortgage range, which also includes shorter fixed and variable rate products for borrowers wanting greater flexibility.”