Its entire range of mortgages for first-time buyers only at 90 to 95 per cent loan to value (LTV) has received rate cuts. Pricing now begins from 4.71 per cent for a five-year fixed fee-free product at 90 per cent LTV.
There is also a two-year fix at 95 per cent LTV with no fee which is priced at 5.61 per cent. This offers £500 cashback.
The mutual’s three-year fixed product transfer and further advance deals with a £999 fee have been reduced at the 85 to 95 per cent LTV tiers.
For example, a five-year fix at 85 per cent LTV has a rate of 4.22 per cent.
Its five-year fixed product transfer and further advance option with a £999 fee at 90-95 per cent LTV has been cut and now has a rate of 4.56 per cent.
For buy-to-let and professional landlord borrowers, fixed rates between 50 and 65 per cent LTV have been lowered.
This includes a five-year fix at 65 per cent LTV with a £1,999 fee, which is now 4.4 per cent. This product is available for purchase and remortgage.
Keith Williams, intermediary operations manager at Coventry for intermediaries, said: “The steady demand for first-time buyer properties is an encouraging sign as activity toward the lower end of the market should help create movement for others.
“Brokers looking to match mortgage products to meet the individual needs of borrowers need a broad range of options to choose from. We’ve reduced rates on a number of our products to make them more competitive and improve the choices available to brokers and their clients.”
