First-time Buyers

Coventry cuts mortgage rates for first-time buyers

Coventry cuts mortgage rates for first-time buyers
Christina Hoghton
Written By:
Christina Hoghton

Coventry Building Society has reduced rates on some of its deals and introduced cashback.

Coventry Building Society has cut selected new business residential rates by up to 22 basis points.

Some of these products are aimed at supporting first-time buyers and come with £500 cashback.

First-time buyers who are local to the mutual’s heartland and buying a home with a CV postcode can get £1,000 cashback, as an extra boost of support.

What’s changed?

The lender has launched a 5.41% two-year fixed rate, up to 90% of the property’s value. It has no product fee and £500 cashback, and is available to first-time buyers.

For landlords, it has introduced a fee-free 4.79% five-year fixed rate, up to 75% of the property’s value. This product is available on buy-to-let remortgages, and comes with £350 cashback.

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 that 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.”

Related: Coventry cuts fixed rate mortgage costs