The Cumberland Building Society has increased its maximum LTV to 75 per cent for holiday let mortgages.

The move brings the society’s offering back in line with its pre-lockdown proposition.

A two-year variable holiday let, withdrawn in August, has also been reintroduced with a maximum LTV of 75 per cent.

The 2-year products are available at 3.54 per cent.

Cumberland head of business Simon Whitwham says: “Since the initial lockdown in March, we’ve been focussed on balancing the needs of our existing holiday let customers, a high proportion of whom required mortgage holidays for three to six, while continuing to serve new borrowers.

“As we exited the initial lockdown, we saw the notable bounce back of the British staycation. A survey we commissioned suggested 83 per cent of Brits plan to holiday in the UK rather than abroad this year, and 71 per cent intend to plan a staycation in 2021. Pair this with Chancellor Rishi Sunak’s stamp duty holiday announcement in July, and holiday letting as an investment opportunity started to turn heads.

“In August, a surge of holiday let mortgage interest saw us hit record enquiry numbers, and demand remained high throughout September. Withdrawing the two-year products was the right thing to do, to allow us to give our existing customers the best possible service and support during that time.

“We remain committed to supporting holiday let investors across the UK, and the relaunch of 75 per cent LTV and our 2-year variable product opens up our product set to a broader range of borrowers once again.”