Coventry for intermediaries is cutting mortgage rates across its residential and buy-to-let ranges, with the changes taking effect tomorrow.

The lender is reducing residential rates by up to 14 basis points and buy-to-let deals by as much as 38 basis points.

Headline products include a 3.80% two-year fixed rate until 29 February 2028 at 65% loan-to-value with a £999 fee, available for residential purchase, and a 4.31% five-year fixed rate until 28 February 2031 at 75% loan-to-value with a £1,999 fee for buy-to-let purchases.

The move comes in the wake of last week’s Bank of England decision to cut the base rate from 4.25% to 4%, taking borrowing costs to their lowest in two years.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said the reductions gave brokers “fresh opportunities to support clients at all stages”, from first-time buyers to those seeking a new deal.

“Our product transfers rates are aligned with our cheapest new business rates too, so brokers can offer existing clients the same great value as anyone coming to us for the first time,” he said.

“It’s a great time for brokers to engage with clients and guide them to their next deal.”