The lender said rates at 90% to 95% loan to value (LTV) have been cut to “help first-time buyers”, as well as select products offering cashback.

Its no-fee two-year first-time buyer fixed rate at 90% LTV with £500 cashback will be priced at 5.43%.

The lender’s two-year residential purchase fixed rate at 90% LTV with a £999 fee is 5.15%.

Coventry Building Society’s five-year BTL remortgage fixed rate at 75% LTV with a £1,999 fee is 4.52%. There is an option of £350 cashback or the use of the remortgage transfer service.

Ben Williams, corporate account manager at Coventry Building Society, said: “Many of our rates are reducing, with some of our reductions going to options most suited for first-time buyers. As well as competitive rates, many of these deals also come with cashback, which could be handy to help new buyers with moving costs.”

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Coventry Building Society previously lowered rates around the start of August, bringing out sub-4% deals.

 

Mansfield BS lowers rates and brings out deals

Mansfield Building Society will reduce rates by up to 0.7% across its fixed rates. It will also release prime residential fixed rates and cut its standard variable rate (SVR).

Residential prime rates have been cut by up to 0.6%, shared ownership rates will fall by around 0.7% and BTL rates will decrease by around 0.4%.

The SVR change came into force on 1 September, and its follow-on rate will reduce from 7.15% to 6.9%. This is applied at the end of the initial term for prime residential and Versatility mortgages.

The lender will add two five-year fixed rates with affordability stressed using the pay rate. All initial rates on discounted rate mortgages will be cut by 0.25%.

Tom Denman-Molloy, Mansfield Building Society’s intermediary sales manager, said: “We’ve reacted quickly to changing market conditions, including the base rate reduction. These changes reflect our commitment to supporting homebuyers and property investors, ensuring they have access to competitive and sustainable mortgage options.

“Not only will the rate reductions help keep monthly payments lower, but they will also enhance borrowers’ buying power. The recent rate reductions across our prime residential, shared ownership, and buy-to-let product ranges are designed to support affordability and provide greater choice.”