Kevin Purvey, Coventry Building Society’s head of intermediaries, said: “This early Christmas present for all residential and offset borrowers, no matter if they are buying a new property or mortgaging their existing property, is a great way of reducing the upfront cost of a mortgage”

It follows a number of other societies and banks which have made improved offers and incentives on their fixed rate products in the past few weeks.

In September Coventry Intermediaries launched a number of new buy-to-let products, with rates starting at 2.99%.