Coventry for intermediaries has cut selected mortgage rates for first-time buyers and limited company buy-to-let borrowers, with the changes applying to products for new customers.

The lender said rates on products aimed at first-time buyers have been reduced by up to 11 basis points, while selected limited company buy-to-let rates have been cut by up to 25 basis points.

The move comes against a backdrop of wider market volatility, with lenders and brokers continuing to respond to changing funding conditions and borrower demand.

Ben Williams, corporate account manager at Coventry Building Society, said: “These rate reductions will be welcome news for brokers and their clients who are either looking to get their first home or are managing a rental portfolio.

“We’ve seen a period of uncertainty within the market and rates have been increasing on the whole.

“These reductions will not only add greater choice for anyone looking at their mortgage options, they may also create a little more confidence that the market remains competitive.”