Residential rates have been reduced by up to 20 basis points, and buy-to-let (BTL) rates have been reduced by up to 13bps for new and existing customers.

Highlights include a two-year fixed rate to 30.11.28 at 90% loan-to-value (LTV), which has a rate of 5.15%, available for first-time buyers and comes with £500 cashback.

There’s also a five-year fixed rate to 30.11.2031 at 75% LTV, which has a new rate of 4.60%, with a fee of £999 and available for residential purchase.

Coventry Building Society head of intermediary relationships Jonathan Stinton says: “Continuing rate reductions gives brokers more opportunities to re-engage clients who may have been holding off making a move. The market remains highly competitive and even relatively small pricing changes can help improve monthly costs or make certain options more attractive for borrowers.”

Elsewhere, Precise, part of OSB Group, has reduced rates across its residential mortgage range by up to 35bps.

The reductions have been applied across Tier 1 to Tier 5 products. These include selected products up to 95% LTV, which have been lowered by 35bps and all fixed rates up to 90% LTV within Tier 1 and Tier 2, which have been trimmed by 30bps.

In addition, the lender have reduced prices across Tier 3 to Tier 5 with all fixed rates being lowered by 20bps across all LTV bands.

Precise group head of intermediary sales and distribution Emily Hollands comments: “The latest Bank of England Money and Credit data suggests activity is holding up despite ongoing affordability pressures, with buyers becoming more comfortable operating in the current rate environment.”

“The continued focus on affordability means pricing remains an important consideration, and these reductions, alongside the changes we have made to our products and proposition in recent months, are designed to give brokers greater scope to place a wider range of cases with confidence.”

Meanwhile, Gatehouse Bank has made s 0.10% rental rate reduction on selected residential property finance products available to UK residents.

The changes apply on two- and five-year fixed-term Home Purchase Plans (HPP) at 65% and 80% finance-to-value (FTV) and on two and five-year buy-to-let (BTL) products at 65% FTV.

This includes standard and green products for individual applicants as well as UK-registered SPV Limited Companies.

The reduced rates will also apply for customers seeking BTL property finance for houses in multiple occupation (HMOs) or multi-unit freehold blocks (MUFBs).

A HPP at 65% FTV two-year fixed has a rate of 5.99% and a five-year fixed has a price of 5.95% while at 80% FTV, a two-year fixed rate is 6.09% and a five-year fixed is 6.05%.

For BTL products, the 65% FTB two-year fixed has a rate of 3.74% and a five-year fixed has a rate of 5.20%.

The 65% FTV for HMOs and MUFBs two-year fixed has a rate of 3.89% and the five-year fixed has a price of 5.34%.

Gatehouse Bank head of customer propositions Gemma Donnelly says: “We know how important it is for prospective homebuyers and landlords to receive a competitive rate on a product that suits their individual needs.”

“We hope that today’s rate reduction will help even more people within the UK to access the financing they require as they look to achieve their property ownership goals.”