The Cumberland Building Society has reduced rates within its holiday let mortgage range, as well as introducing a 60% loan-to-value (LTV) tier.

Cumberland Building Society’s existing 75% LTV 2-year variable and 5-year fixed rates have been reduced, and its £75,000 to £750,000 and £750,000 to £2m pricing tiers have been combined to offer one product for loan sizes £75,000 to £2m.

Scott McKerracher, head of commercial at The Cumberland, said: “We are pleased to have introduced a 60% LTV tier which means our mortgage product offering is now even more attractive within the holiday let market.

“By combining our pricing tiers to offer one single product for loan sizes £75k-£2m, we have simplified our pricing structure.

“We hope these changes will be of significant value to our customers.

“We’re seeing the staycation market continue to grow, with more investors seizing the opportunity to start up a holiday let business, or expand an existing holiday let portfolio.

“We continue to receive high volumes of appointments via our website, along with a steady flow of enquiries from brokers.”