The Nationwide Building Society has cut its five-year fixed rate mortgage to 3.59% for new business.

It is available up to 70% LTV and comes with a £900 product fee and £99 booking fee.

The mutual said it has also made a number of other pricing enhancements to rates at 85% LTV.

Martyn Dyson, head of mortgages at Nationwide, said: “The 0.1% (sic) reduction to our five-year fixed rate product available up to 70% LTV is great news for those wanting longer-term certainty over their monthly mortgage payments.