Leeds offers January incentive

Those opting for the product this month will benefit from a rate of 5.40 per cent combined with a free valuation up to £335, a reduced completion fee of only £299 and 10 per cent capital repayments allowed each year, without penalty.

Karen Wint, general manager marketing & customer services at Leeds said: "The period after the festive season is a time when households see a significant increase in expenditure. Many mortgage customers will be coming out of a fixed rate in 2008 - clearly, the opportunity to minimise the cost of the biggest monthly outgoing will be welcomed.

"Most other providers in the market have higher fixed or even percentage based application fees. Therefore, a sub Base Rate two-year fixed at 5.40 per cent with a free valuation and a reduced completion fee of only £299 is extremely attractive."