The lender additionally cut rates on its offset residential mortgages.
The five-year fixed rate for a residential mortgage at 50 per cent loan to value (LTV) was cut to 1.65 per cent, down from 1.75 per cent, with a £999 product fee.
The rate for a five-year fix at 85 per cent LTV was reduced to 1.95 per cent, down from 2.05 per cent, again with a £999 fee.
The two- and five-year fixes on offset residential mortgages were lowered by up to 0.16 per cent and 0.1 per cent respectively.
“The market is moving fast and we have made these changes for clients who want the stability of a fixed rate or for those thinking of remortgaging within the next few months,” said Kevin Purvey, Coventry for Intermediaries director (pictured).
“Changes to our offset mortgages could be a great option for borrowers who want to make their savings work harder during this sustained period of low interest rates,” Purvey added.
The updated mortgage products are available to new borrowers for purchase and remortgage and to existing borrowers for transfers and further advances.