The lender has also reduced the rates on its 5-year fixed rate products at 95% LTV by 0.10%.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “This is great news for brokers and their first-time buyer clients.

“Our new competitive 2-year fixed mortgage at 95% LTV adds more choice to the market and means that more aspiring home owners 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.”