Coventry Building Society has announced big cuts to their mortgage rates, making it cheaper for borrowers to get a home loan.

This is great news for anyone looking to buy a home or remortgage their existing property.

How much cheaper are mortgages?

The building society has reduced rates on its standard mortgages by up to 0.27%. That means if you were looking at a mortgage of £200,000, you could save around £540 per year on your mortgage repayments.

There are even bigger savings on offer for those looking for offset, interest-only, or offset interest-only mortgages, with rates cut by as much as 0.53%.

What are the best deals?

Some of the top deals on offer include:

• 5-year fixed-rate mortgage: 3.69% interest with a maximum loan of 65% of the property value. You’ll need to pay a fee of £999.
• 2-year fixed-rate offset mortgage: 4.88% interest with a maximum loan of 75% of the property value. A fee of £999 applies.

What does this mean for you?

Jonathan Stinton, from Coventry Building Society, said these changes offer more choice and competitive rates for borrowers.

If you are considering buying a home or remortgaging, now is a great time to speak to a mortgage broker to see how much you could save.