The three-year variable mortgage, which has a discounted rate at 2.79% and a £499 completion fee, provides the means to buy a second property which can be used by the borrowers and their immediate family members.

The product would be ideal for people who needed a mortgage for a weekend/holiday retreat or for those who were seeking a practical solution to aid working in one location whilst their family were established in another part of the country.

Loughborough said, for these people, it was sometimes difficult to find a mortgage for that second home – and its relaunched product could provide the answer.

Loughborough offers the possibility of borrowing up to 80% of the second home value or purchase price (whichever is the lower) providing the property is in England or Wales, is for residential use and not rented out.

Ashley Pearson, BDM at Loughborough, said: “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”.