Available from 7 June, the mortgage has a booking fee of £199, no arrangement fee, and has no early repayment charge. It also includes a valuation of up to £670.
In addition, Coventry will offer it members the same deal at a rate of 5.85%, with a £500 Ikea gift card upon completion.
To qualify, applicants or their grandparents, parents or guardian must have held a Coventry account for three years or more.
The 90% LTV deal is only available on a capital and repayment basis.
Colin Franklin, sales and marketing director at Coventry Building Society, said: “With uncertainty over when interest rates will move and by how much, a first-time buyer mortgage that provides certainty over five years is the responsible option, ensuring that borrowers repayments aren’t affected by a very different rate environment in only a couple of years.
“We are confident that our new product with low up front fees, no ERCs and the flexibility to overpay penalty free, will be very popular with first-time buyers and a welcome addition to our range.”
