Coventry for intermediaries has launched a new five-year fixed rate at 3.90% and reduced all other fixed rates across residential and buy-to-let product ranges.

Residential rates have been reduced by up to 52bps and buy-to-let rates by to 25bps.

New deals include:

• 3.90% five-year fixed rate to 28/02/30, 65% LTV with a £999 product fee – available for residential purchase
• 4.53% five-year fixed rate to 28/02/30, 65% LTV without product fee – available for buy-to-let remortgage – with the option of £350 cashback or use of the lender’s remortgage transfer service

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Seeing sub-4% rates back on the table is a great sign for the market and could lead to more activity in the latter part of the year.

“Last week’s Bank of England decision was the welcome news borrowers had been waiting for, and the sweep of rate reductions which has happened since should hopefully generate confidence among those looking to secure a new mortgage deal in the coming months.”