Loughborough Building Society has relaunched their second and holiday home product.

The new product is a 3-year variable discounted rate at 2.79% with a £499 completion fee.

The Loughborough offers a mortgage, where affordability allows, on a second property used by the borrower and their immediate family members.

The Nottingham resumes full mortgage distribution

At the Loughborough it is possible to borrow up to 80% of the second home value or purchase price, whichever is the lower, providing the property is in England or Wales, is for residential use and not rented out.

Ashley Pearson, business development manager at The Loughborough, said: “With so many people working from home at the moment, it’s good to be able to have a change of scenery, so I’m pleased to offer a solution for borrowers who would like to have somewhere to go and relax at weekends and holidays.

“Of course, with people more reluctant to travel by public transport, and the job market remaining challenging, it’s also a solution for those who need to live away during the week without having to make a long daily commute or uproot their family.”