Coventry for intermediaries has cut rates on selected offset mortgages by up to 36 basis points, adding that the changes apply to most loan-to-value bands.

The broker-only arm of Coventry Building Society says highlights include:

A 1.35% two-year fixed-rate loan to 30 September 2023 with early repayment charges until 30 September 2023 at 65% LTV, with a £999 product fee. The rate on this purchase product is down from 1.59%.

This offer is also available for product transfers and remortgages.

A 1.55% five-year fixed-rate loan to 30 September 2026 with early repayment charges until 30 September 2026 at 65% LTV, with a £999 product fee. The rate on this purchase product is down from 1.79%.

This offer is also available for product transfers and remortgages.

Coventry Building Society head of intermediary relationships Jonathan Stinton says: “Our offset mortgages are now even more competitive, which is great news for brokers and their clients.

“Offset is a fantastic way for borrowers to make their savings work harder by saving mortgage interest and either reducing monthly payments, make the mortgage term shorter or pay off the mortgage early. And who doesn’t want that?!

“For brokers, offset gives them more touch points with their clients.

“Rather than just checking in towards the end of a client’s fixed-rate mortgage, brokers could get in touch on an annual basis to see how their clients are progressing with their savings goals, and offer support if needed.”