Mansfield Building Society has lowered the rate on its SPV limited company holiday let mortgage.

The initial rate for the two-year discount product will drop from 6.20% to 5.99% variable, improving affordability as well as offering lower initial monthly payments.

The product offers a maximum loan to value (LTV) of 75%, with loan sizes ranging from a minimum of £100,000 to a maximum of £1,000,000 per property. Early repayment charges (ERCs) apply at 2% if redeemed in the first year and 1% if redeemed in the second year.

Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society, said: “We are pleased to reduce the rate on our SPV limited company holiday let product, making it more attractive to property investors, either already within or looking to invest in the holiday let market. This rate reduction aligns with our commitment to providing competitive and flexible mortgage solutions for underserved borrowers.

With its lower rate and strong product features, we believe this offering will certainly appeal to brokers and their clients.”