Coventry for intermediaries has reduced selected residential fixed rates, with changes focused on higher loan-to-value lending and products aimed at first-time-buyers.

The intermediary arm of Coventry Building Society has cut a number of two-year, three-year and five-year fixed rate products for both new and existing customers.

Among the headline changes is a 4.40% five-year fixed rate to 31/07/31 at 90% loan-to-value, with no fee. The product is available to first-time-buyers and comes with £500 cashback.

At 95% loan-to-value, the lender is offering a 4.83% two-year fixed rate to 31/07/28, also with no fee. This product is likewise available to first-time-buyers and includes £500 cashback.

The latest move reflects continued competition in the higher LTV space, where lenders have been adjusting pricing in response to broker feedback and sustained demand from borrowers with smaller deposits.

Jonathan Stinton, 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 targeted changes are designed to give brokers more competitive options for borrowers who need them most.”

The inclusion of £500 cashback on selected products may also help ease upfront costs for first-time-buyers, who continue to face affordability pressures despite recent signs of stabilisation in fixed rate pricing.