It has also launched a 95% LTV 2-year fixed mortgage at 3.65% with no product fee.

Highlights include the 85% LTV 2-year fix, cut from 2.15% to 2.05%, and a 90% LTV product, cut from 3.25% to 3.15%.

Both deals include early repayment charges (ERCs) for the duration of the loan and a £999 fee. The former deal is for purchase only, while the latter is the purchase, remortgage, further advance and product transfer.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Our high LTV residential mortgages are now even more competitive, which is great news for brokers and their clients with smaller deposits.

“Whether brokers are looking to help their clients take that all-important first step onto the property ladder or support those looking to remortgage to a lower rate, there’s a competitive option for a wide range of clients in our owner-occupier range.

“And we now have a 2-year fixed no fee option at 95% LTV, which is great news for brokers with clients looking to keep their upfront costs low.”