Low-cost tracker

LEEDS Building Society has launched a two-year tracker mortgage charging an interest rate of 2.39 pc.

The loan, which tracks the 0.5 pc bank rate plus 1.89 pc until the end of 2015, is available for deposits of at least 25 pc.

Borrowers can pay back 10 pc a year without penalty. The deal also comes with a free valuation worth up to £335.