According to Karen Wint, general manager of marketing and customer services at Leeds Building Society, the product offers consumers "outstanding value with excellent peace of mind".
She added: "We are delighted to be able to pass on to our customers a reduced headline rate and completion fee.
"It provides the opportunity to lock in at a fixed rate for the medium to long term in a very uncertain market."
Alliance & Leicester recently revealed it is cutting the rates on a number of its products that are available by telephone or in its branches.
Rates on the new range of two and three-year fixed deals have been reduced by between 0.10 per cent and 0.55 per cent.
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