The Leeds Building Society has cut rates by up to 0.30 percentage points on its range of holiday let mortgages.

It has reduced the following rates:

• Two year fixed rate mortgage at 2.64% (reduced from 2.94%) up to 60% LTV (loan to value), with a £999 fee;
• Two year fixed rate mortgage at 3.14% (reduced from 3.24%) up to 70% LTV, with a £999 fee;
• Two year fixed rate fees assisted mortgage at 3.04% (reduced from 3.24%) up to 60% LTV, with a £199 fee.

In addition, the Leeds is reducing the rate of its two year discount holiday let mortgage to 2.59%, from 2.79%, which is available up to 70% LTV, with a £999 fee.

All these products come with a free valuation and fees assisted legal services.

“We have particular expertise in holiday let mortgages, which are a growing market as more people look to enjoy a ‘staycation’ in the UK,” said Martin Richardson (pictured), Leeds Building Society’s general manager for business development.

“It’s not difficult to understand why interest in holiday home ownership is on the rise. When you think that a main family holiday, with maybe a shorter break at another time of the year, could cost more than £3,000 – you could fund a holiday let mortgage for the same amount, and receive income from letting the property for the weeks you’re not using it.”