The Yorkshire Building Society is cutting the rate on its five-year fixed rate mortgage to 3.99% for those with a 25% deposit, which represents the lowest rate for a five-year fixed deal ever offered by the mutual.

The product comes with a £995 fee.

The new product will be available from Friday 23 July via YBS branches or its website.

Tom Girling, product manager for Mortgages, said: “Although we are currently in a low base rate environment