Coventry for intermediaries has reduced selected residential and buy-to-let mortgage rates for new and existing customers.

The intermediary lender has cut residential rates by up to 20bps, while selected buy-to-let rates have been reduced by up to 13bps.

The new rates launch today and include options across purchase and existing customer ranges.

Among the reductions is a 5.15% two-year fixed rate to 30 November 2028 at 90% LTV, with no fee and £500 cashback, available to first-time buyers.

Coventry has also introduced a 4.60% five-year fixed rate to 30 November 2031 at 75% LTV, with a £999 fee, available for residential purchase.

Jonathan Stinton (pictured), head of intermediary relationships at Coventry Building Society, said: “Continuing rate reductions gives brokers more opportunities to re-engage clients who may have been holding off making a move.

“The market remains highly competitive and even relatively small pricing changes can help improve monthly costs or make certain options more attractive for borrowers.”