Coventry Building Society has announced cuts of up to 18bps on residential fixed mortgage rates and up to 15bps on buy-to-let rates, offering some relief for borrowers in a challenging market.

This applies to both new and existing customers, making it a great time to snag a new deal. These cuts apply to two, three, and five-year fixed-rate products for residential applications, with loan-to-value ratios ranging from 65% to 95%.

Here are some highlights of the new rates:

• A five-year fixed-rate remortgage product at 75% LTV has been reduced to a competitive 4.61% with no fee. Borrowers can also choose between £350 cashback or take advantage of Coventry’s convenient remortgage transfer service.
• Landlords will be pleased to hear that a two-year fixed-rate buy-to-let purchase product has been reduced to 5.35% at 65% LTV, also with no fee.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, expressed the building society’s commitment to supporting both homebuyers and brokers: “Markets have continued to be favourable and we aim to make it as easy as possible for our intermediary partners to source and secure a new deal for their clients. That’s why our latest rate reductions give brokers a wider range of attractive options to make sure they can get their clients the best deal possible.”