The Hinckley & Rugby Building Society has reduced the rate of its five-year fixed rate mortgage to 3.59%.

The rate of the 80% loan-to-value (LTV) mortgage has been reduced from 3.79%.

The five year fixed rate mortgage now runs until April 30 2018, after which it reverts to the Society’s Standard Variable Rate (SVR), currently 5.64%.

The fees remain unchanged. There is an arrangement fee of £195 and a completion fee of £695.

There are free valuations for property values up to £1 million.

Chris White, the Hinckley & Rugby’s chief executive, said: “Buyers looking for the certainty of a long fix are now able to get a very attractive rate which runs until 2018.”