Coventry for intermediaries has added to its 95% loan-to-value range with a new two-year fixed-rate mortgage.

The mutual’s broker-only arm has also cut its rate on five-year fixed products at 95% LTV by 10 basis points, which it says offers “more choice for first-time buyers”.

Highlights of the unit’s 95% LTV range include:

A 3.59% two-year mortgage at 95% LTV, with a £999 product fee. This mortgage is fixed to 30 June 2023 with early repayment charges until 30 June 2023. Available for purchase and product transfer.

And a 3.79% five-year fixed mortgage at 95% LTV, with a £999 product fee. This mortgage is fixed to 30 June 2026 with early repayment charges until 30 June 2026. Available for purchase and product transfer. This product was cut from 3.89%.

Coventry Building Society head of intermediary relationships Jonathan Stinton says: “Our new competitive two-year fixed mortgage at 95% LTV adds more choice to the market and means that more aspiring homeowners will be able to take that all-important first step on the property ladder.

“And the product is open to all purchase customers, so brokers can also secure a great rate for their clients looking for a higher LTV option.

“Plus, we’ve also recently widened our lending policy on bonus income and increased income multiples for loans greater than 90% LTV, so clients could borrow more.”

In March, the lender returned to the 95 per cent LTV market with two five-year fixed products.