It also offers additional incentives such as £500 to £1,000 cashback
Coventry for intermediaries has announced a reduction in selected new business residential rates by up to 22 basis points (bps), with specific focus on aiding first-time buyers through additional incentives such as a £500 cashback.
The initiative is particularly geared towards new buyers in and around the company’s headquarters, offering £1,000 cashback to first-time buyers purchasing homes within the CV postcode area.
Coventry also implemented reductions in selected new business buy-to-let rates, with decreases of up to 26bps. Notable offerings include a 5.41% two-year fixed rate mortgage available until August 2026, at 90% loan-to-value (LTV) with no product fee and £500 cashback for first-time buyers.
In addition, a 4.79% five-year fixed rate mortgage until August 2029, at 75% LTV with no product fee, is available for buy-to-let remortgages. The option comes with the choice of £350 cashback or a Remortgage Transfer Service.
“Many of our rates are reducing, with some of our biggest reductions going to options most suited for first-time buyers,” said Jonathan Stinton (pictured), head of intermediary relationships at Coventry Building Society. “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.”
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