Loughborough Building Society has once again issued a mortgage product that can be used for a second home or holiday home.

The product is available for properties in England and Wales at up to 80 per cent LTV of the home’s value or purchase price and stipulates that it must be for residential use by the borrower or their immediate family, and not rented out.

It comes as a three-year discount, offering an initial rate of 2.79 per cent and charges a £499 completion fee.

Loughborough business development manager Ashley Pearson comments: “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”.