The Cambridge Building Society has added a new two-year fixed rate mortgage and reduced interest rates and completion fees across its holiday let mortgage range.

The new product is a two-year fixed rate up to 75% loan to value (LTV).

The mutual has also reduced the rate on its five-year fixed rate mortgage and its two-year discounted mortgage.

There are no application fees and completion fees have been reduced from £1,500 to £999 across the range.

In addition, Cambridge BS now uses an average of the projected low, mid and high season weekly rental yields, multiplied by 30 weeks to calculate the annual rental income.

Tracy Simpson, head of lending at the Cambridge, said: “We’re excited to add another great product to our range of competitively-priced holiday let mortgages, as well as making it cheaper for customers to complete.”

All loans are 75% loan to value, between £50,000 and £500,000 and are available for purchase, remortgages, product switches and further advances.