Coventry for Intermediaries has become the latest lender to offer a sub-4% mortgage as it cut rates by up to 52 basis points today.

The mutual has launched a 3.9% five-year fixed rate up to 65% LTV with a £999 fee as well as cutting all other residential and buy-to-let fixes.

In the past week NatWest, HSBC and Barclays have all launched sub-4% deals, joining Nationwide Building Society, which was the first to do so.

Barclays now has the lowest rate at 3.83% for a five-year fixed at 60% LTV with an £899 fee for Premier customers or 3.84% for others.

HSBC also launched a deal at 3.92% with a £1,499 fee. 

But prior to this, NatWest’s decision to launch a 3.97% five-year fix (with a £1,495 fee) for direct customers only triggered brokers’ frustration. 

As well as the new table-topping deal, Coventry has cut rates on all other fixes.

Coventry head of intermediary relationships Jonathan Stinton says: “Seeing sub-4% rates back on the table is a great sign for the market and could lead to more activity in the latter part of the year. 

“Last week’s Bank of England decision was the welcome news borrowers had been waiting for, and the sweep of rate reductions which has happened since should hopefully generate confidence among those looking to secure a new mortgage deal in the coming months.”