Coventry for intermediaries has cut selected rates, with new deals launching today.

Residential and buy-to-let (BTL) rates have been reduced by up to 16 basis points, with reduced options for new and existing customers.

A number of these products are specifically aimed at supporting first time buyers and come with £500 cashback.

Highlights of the cuts include a five-year fixed rate to 30.11.2031 at 90% loan-to-value (LTV) with no fee, which has a rate of 5.02%.

In addition, there’s a two-year fixed rate to 30.11.2028 at 85% LTV with no fee, which has a rate of 5.09%.

Both are available for first-time buyers and come with £500 cashback.

Coventry Building Society head of intermediary relationship Jonathan Stinton says: “Brokers are telling us that many clients are focused on keeping monthly payments as manageable as possible, especially those looking to take their first step onto the ladder.”

“By reducing rates on higher LTV products, we’re aiming to provide extra support where it can make a difference. These changes are designed to give brokers more competitive options for borrowers who need them most.”

Meanwhile, Hanley Intermediaries has trimmed rates across its residential, retirement interest only (RIO) and self-build mortgage ranges by up to 0.65%.

These reductions include a number of headline products aimed at supporting borrowers across a variety of lending needs and life stages.

The reductions include the rate on its residential 95% LTV two-year variable discount mortgage, which has been lowered from 6.32% to 5.77%. This represents a 1.97% discount from the society’s standard variable rate of 7.74%.

Hanley has also reduced on its self-build two-year BuildLoan Exclusive ECO variable discount mortgage has been reduced from 6.21% to 5.56%. This represents a 2.18% discount from the Society’s standard variable rate of 7.74% and is available up to 80% LTV.

In addition, the headline rate on its two-year retirement interest-only variable discount mortgage has been cut from 5.93% to 5.29%. This represents a 2.45% discount from the society’s standard variable rate of 7.74% and is available up to 70% LTV.

Hanley Economic Building Society head of products and marketing David Lownds comments: “Market conditions have continued to improve in recent months and we are seeing growing levels of engagement from a range of borrowers who are actively reviewing their options again, whether they are first-time buyers, self-build customers or those planning later life borrowing needs.”

“These latest reductions are not simply about reacting to pricing movements elsewhere in the market. They reflect the importance of maintaining product choice across different borrower groups at a time when affordability remains a key consideration for many households.”

Elsewhere, Keystone Property Finance has lowered prices across its fixed rate BTL product ranges by 15 basis points.

The reductions apply across Keystone’s two- and five-year fixed rate products and follow recent declines in swap rates.

The new rates apply across Keystone’s standard, specialist, expat, holiday let, product transfer/product transfer plus and refurb to let exit options.

Rates across Keystone’s BTL product ranges now start from 3.44% for standard rates at 70% LTV, 3.49% for specialist rates at 70% LTV, 4.79% for expat rates at 65% LTV, 5.54% for holiday let rates at 65% LTV, 5.09% for product transfer and PT plus rates at 65% LTV and 5.09% refurb to let exit rates at 65% LTV.

Keystone Property Finance managing director Elise Coole says: “We continually review our product range in line with market developments and following the recent reduction in SWAP rates, we have moved quickly to lower pricing across our fixed rate products.”

InterBay has announced it will withdraw its commercial, semi-commercial and BTL products, including product transfers, at 5pm today.

This will include its limited edition commercial and semi-commercial products.

The lender says a new simplified range will launch tomorrow.