Coventry for intermediaries has reduced selected residential and buy-to-let mortgage rates by up to 16 basis points.

The lender said the new deals, which launch today, include reduced options for both new and existing customers.

A number of the products are aimed at supporting first-time buyers and include £500 cashback.

Highlights include a 5.02% five-year fixed rate to 30 November 2031 at 90% loan-to-value, with no fee, available to first-time buyers and including £500 cashback.

Coventry has also launched a 5.09% two-year fixed rate to 30 November 2028 at 85% LTV, with no fee, also available to first-time buyers and including £500 cashback.

Jonathan Stinton (pictured), head of intermediary relationships at Coventry Building Society, said: “Brokers are telling us that many clients are focused on keeping monthly payments as manageable as possible, especially those looking to take their first step onto the ladder.

“By reducing rates on higher-LTV products, we’re aiming to provide extra support where it can make a difference. These changes are designed to give brokers more competitive options for borrowers who need them most.”