The Melton has added a new holiday buy-to-let deal to its range.

Its latest product is available for both regulated and non-regulated cases.

Melton is offering a two-year fixed rate at 3.49% until November 2023.

The deal has a maximum LTV of 75%, a £199 application fee and a £1,299 completion fee.

The lender’s holiday buy-to-let products has a lower interest coverage ratio requirement than the standard product range at 130% of the mortgage payment, calculated at a stressed rate of 5.5%. 

There is no upper age limit and first-time buyers, first-time landlords and non-owner occupiers will be considered.

Borrowers must meet the minimum income requirement of £25,000 which can be shared between joint applicants.

Head of intermediaries Dan Atkinson says: “The demand for holiday buy-to-lets remains strong and the addition of a fixed-rate product complements our existing discounted product to give customers more choice.

“Our flexible criteria combined with manual underwriting makes our holiday buy-to-lets an attractive proposition for savvy investors looking to make the most of the staycation boom.”