Coventry for intermediaries has cut rates on two and five-year fixes for residential and buy-to-let new business applications.

Residential rates are being reduced by between 22 and 54 basis points and BTL deals are dropping by between 39 and 74 basis points.

New products include two-year fixes for residential and remortgage at 6.23% to 75% LTV with a £999 product fee and a five-year fix for BTL purchase or remortgage at 6.32% with a £1999 fee.

Coventry Building Society corporate account manager Ben Williams says: “Last week’s inflation figures and the subsequent reduction in swap rates was the welcome news we were hoping for. It’s given us the opportunity to reduce rates on the majority of new business products and return value to borrowers wherever we can.”

The lender is also bringing back residential rates at 80% LTV.