Coventry for intermediaries has made cuts to its mortgage rates and launched new deals.

The latest changes include residential rate reductions by up to 14 basis points and buy-to-let (BTL) rates are reducing by up to 38bps.

Product highlights include a 3.80% two-year fixed rate to 29.02.28 at 65% loan-to-value (LTV) with a fee of £999, which is available for residential purchase.

In addition, there is a 4.31% five-year fixed rate until 28.02.31 at 75% LTV with a fee of £1,999, which is available for BTL purchase.

Coventry Building Society head of intermediary relationships Jonathan Stinton says: “These rate reductions give brokers fresh opportunities to support clients at all stages. First time buyers have more affordable options to help them get on the ladder, and those looking to move or get a new deal have more options to consider.”

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

Meanwhile, Santander for intermediaries has increased fixed rates across its new business residential and BTL ranges and reduced some residential fixed rates.

The rate increases include all first-time buyer 60%, 90% and 95% LTV two-year fixed rates, which have risen by 0.10%.

Also, all three-year fixed rates have gone up by as much as 0.10%, all 60% and 95% LTV five-year fixed rates have increased by up to 0.08% and all 10-year fixed rates have risen by 0.05%.

Rate reductions have been made on all residential home mover 75% and 85% LTV two-year fixed rates by up to 0.11% and selected 75%, all 85% and 90% LTV five-year fixed rates have been cut by as much as 0.12%.

As part of the changes, the lender has added £250 cashback on all 60% to 75% LTV residential purchase fixed rates including new build and large loans.

In Santander’s product transfer range, some residential fixed rates have been lowered by up to 0.08%.

These include selected 60% and all 75% LTV two-year fixed rates, which have been trimmed by up to 0.04%, while all 60% LTV five-year fixed reducing by up to 0.08%.