Coventry Building Society has announced a shake-up of its mortgage rates, with cuts of up to 0.45% across the board.

There’s good news for those struggling to get on the property ladder, with the biggest cuts on mortgages for those with smaller deposits. Some deals also come with cashback offers.

Big mortgages for small deposits

The building society has reduced rates on its 90% and 95% loan-to-value products, which are typically used by first-time buyers who may not have a large amount of savings.

Highlights of the new rates include:

• 2-year fixed rate mortgage at 5.43%: This is available for first-time buyers with a 10% deposit. The deal comes with £500 cashback but no product fee.
• 2-year fixed rate mortgage at 5.15%: Available for first-time buyers with a 10% deposit, this deal has a £999 product fee.
• 5-year fixed rate mortgage at 4.52%: For those looking to remortgage their buy-to-let property, this deal is available at 75% LTV. It comes with a choice of a £350 cashback or access to Coventry Building Society’s Remortgage Transfer Service.

A welcome boost for buyers

Speaking about the rate cuts, Ben Williams, Corporate Account Manager at Coventry Building Society, said: “Many of our rates are reducing, with some of our reductions going to options most suited for first-time buyers.”

“As well as competitive rates, many of these deals also come with cashback which could be handy to help new buyers with moving costs.”

The new rates are available now.