Coventry for intermediaries has reduced selected new business residential rates by up to 0.22%.

A number of the products set to benefit from these reductions are aimed at supporting first-time buyers, and come with £500 cashback.

Selected new business buy-to-let (BTL) rates were also reduced by up to 0.26%.

Highlights include a 2-year fixed rate up to 90% loan-to-value (LTV) at 5.41%, with no product fee and £500 cashback, available for first-time buyers, as well as a 5-year fixed rate up to 75% LTV at 4.79%, available for BTL remortgage clients.

In addition to these reductions, first-time buyers who are buying a home with a CV postcode can also benefit from £1,000 cashback, as the society aims to support local buyers.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Many of our rates are reducing, with some of our biggest reductions going to options most suited for first time buyers.

“As well as competitive rates, many of these deals also come with cashback which could be handy to help new buyers with moving costs.

“We’re also launching new deals which offer £1,000 cashback for any first time buyers who are buying a home with a CV postcode.

“We’re proud to be supporting first-time buyers up and down the country with a little extra for those looking to take their first step on the housing ladder in our home city.”