The Leeds Building Society’s two-year holiday let fixed rate is now the lowest fee-free deal in the market after a reduction of 15 basis points.

The society has also introduced a new five-year product at 60% LTV.

The 2.49% two-year fixed rate, which comes with a free standard valuation up to £999 and fees assisted legal services for standard remortgages, is available up to 60% loan to value (LTV).

The society has also launched a 2.99% five-year fixed rate holiday let mortgage up to 60% LTV with a £999 product fee, as it continues to add to the choice available to borrowers.

Matt Bartle, director of products at the Leeds Building Society, said: “We were the first lender to launch a bespoke holiday let range in 2013. In the years since we’ve used our experience and expertise to evolve our product offering to meet the needs of this type of borrower.

“We’ve experienced growth in demand for our holiday let range – in particular there’s been a steady increase in applications over the past three years, with the number of borrowers in 2019 outstripping 2017 by 12%.

“Our new five year product adds more choice to our holiday let range for borrowers, offering a new option for this term and LTV, while reductions to our two-year mortgage makes it the lowest fee-free rate in the market.

“Now may be a good time for borrowers considering holiday rentals to move into the market or remortgage and ensure their property is ready for the busy spring and summer periods next year.”