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Coventry first out of the blocks after dovish decision

ended 06. February 2026

And so it begins. After yesterday's refreshingly dovish rate vote and minutes, Coventry Building Society have shot out of the blocks and reduced their rates this morning, and in the sweet spot, namely 90%-100% LTV. Is this the first of many lenders set to cut rates in the days ahead? Or are we getting ahead of ourselves? Views ASAP please.

  • Reduced all Fixed Purchase rates at 90% LTV (Excl. 3 year rate with Fee)
  • Reduced all Fixed Purchase rates at 95% LTV

Existing customers

  • Reduced all Fixed rates at 90% LTV (Excl. 3 year rate with Fee)
  • Reduced all Fixed rates at 95-100% LTV

4 responses from the Newspage community

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Editor
Darryl DhofferVerified
Founder at The Mortgage Geezer
Breaking news for borrowers with smaller deposits: Coventry Building Society first out of the blocks, announcing rate reductions across their 90% and 95% LTV 2-year and 5-year fixed products.

This is a potential game-changer for first-time buyers who have been squeezed by higher costs. To sweeten the deal further, they are offering £500 cashback on selected products. It’s a bit like having an air freshener chucked in the car after a car wash—a small but delightful extra that makes the whole experience feel that much fresher. If you’ve been waiting for a green light to move, this could be the signal you need.
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Samuel Mather-HolgateVerified
Managing Director & IFA at Mather and Murray Financial
The bank rate decision was much closer than expected, indicting quicker rate cuts throughout the year. Lenders are becoming more ‘risk on’ with higher loan to income rations, lower deposits and now rate cuts. All good news for first time buyers and home movers.
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Richard DavidsonVerified
Mortgage Advisor at onlinemortgageadvisor.co.uk
Coventry's rate reductions are encouraging. It suggests lenders view the recent rate increases as a temporary response to market uncertainty rather than a new baseline. We expect other lenders to follow suit here and for the recent moderate rises to be reversed.
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Michelle LawsonVerified
Director at Lawson Financial
Confident Coventry reducing rates for those with less deposit is a nice boost to mirror the Bank of England’ move yesterday. Others will be expected to follow suit.