The Cumberland Building Society has reintroduced a 2-year fixed rate product available for holiday let mortgages.
The product is available at 3.84% with a maximum 75% loan-to-value (LTV).
The relaunch follows a reduction in rates for loan sizes over £750k across their full holiday let product range, with lending of up £2m available on an individual transaction and up to £5m aggregate borrowing across a portfolio of properties.
Scott McKerracher, The Cumberland’s Head of Commercial Lending, said: “The 2-year fixed product has previously been popular with our customers, so we’re pleased to be able to offer this option once more.
“At the start of June we simplified our pricing structure with rates for loans above £750k reduced to match those for lower loan sizes. The re-launch of our 2-year fixed coincides with this change, enabling us to offer holiday let products in line with the needs of our customers”.
The Cumberland will consider cases such as occupancy restricted property and larger portfolios throughout mainland UK, and the isles of Anglesey, Arran, Mull, Skye, Lewis, Harris and Wight.