Nationwide is to cut the most of its fixed and tracker mortgage rates by up to 0.65 basis points tomorrow.

Its five-year fixed rate at 70% LTV will be priced at 3.89%. It comes with a £900 product fee, £99 booking fee (payable upfront and non-refundable) for house purchase, remortgage and switcher customers. There is a £500 product fee discount for first time buyers.

Martyn Dyson, head of mortgages at Nationwide, said: “This suite of rate reductions across our fixed and tracker mortgages will be further welcome news to customers