Mansfield for Intermediaries has introduced a 5-year holiday let mortgage product.

The offering is 65% LTV 5-year fix at 4.19%.

It has an £199 application fee, £1,300 completion fee and 3% ERCs.

The product is available for new or existing landlords.

According to the building society, it takes a personal to underwriting and considers personal and background wealth in the affordability assessment.

Landlords can occupy the holiday let for up to 60 days per year and properties must have a minimum value of £150,000 as well as qualify as a furnished holiday let under the HMRC definition.

Affordability will be assessed on a proportion of high, mid and low season income and the interest rate coverage ratio must be at least 125% of the monthly mortgage payments calculated at 5.5% on an interest only basis.