Coventry for intermediaries has reduced two and five-year fixed rates, for residential and buy-to-let new business applications.

Residential rates are reducing by 22-54bps and buy-to-let rates are reducing by 39-74bps.

Residential rates at 80% LTV are also being reintroduced into the product range.

New deals include the following:

• 6.23% two-year fixed rate to 31.12.25, 75% LTV and £999 product fee – available for residential purchase and remortgage – option of £350 cashback or remortgage transfer service for remortgage
• 6.32% five-year fixed rate to 31.12.28, 65% LTV and £1999 product fee – available for buy-to-let purchase or remortgage – option of £350 cashback or remortgage transfer service for remortgage

Ben Williams, corporate account manager at Coventry Building Society, said: “Last week’s inflation figures and the subsequent reduction in swap rates was the welcome news we were hoping for. It’s given us the opportunity to reduce rates on the majority of new business products and return value to borrowers wherever we can.”