Furthermore, the financial institution has included incentives to get customers to take advantage of this deal.

Among them a £500 cashback offering and a free valuation of the property which could reduce costs in the long-term.

Notably, Coventry Building Society’s fixed rate mortgage deal allows customers to make overpayments.

Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, outlined why this particular product is an “excellent” rating from the money experts.

She explained: “This week, Coventry Building Society has made slight increases on selected fixed rate deals.

“Seeing a small rise of 0.01 per cent is its two-year fixed deal for first-time buyers at 95 per cent loan-to-value.

“Now priced at 5.50 per cent until 31.8.26, this may appeal to borrowers looking to keep their mortgage costs low, as there are no chargeable arrangement fees.

“Also included in this deal is an enticing incentive package which includes a free valuation and £500 cashback. Overall, this product earns an Excellent Moneyfacts product rating.”

For the past year-and-a-half, homeowners and first-time homebuyers have been soaring mortgage repayments due to rising rates.

Interest rates have been raised by the Bank of England to ease inflation which is expected to drop in the coming months.

As such, analysts are betting on lower mortgage rate to come into effect in the months ahead which will benefit those looking to get on the property ladder.

The Bank of England has raised, and is holding, the country’s base rate at 5.25 per cent, as of today.