Legal & General Mortgage Club has launched an exclusive holiday let product with Harpenden Building Society.

The mortgage club’s exclusive can be used by borrowers who are purchasing a property as a holiday let that would have previously been labelled for consumer buy-to-let (BTL).

L&G confirmed that the two-year discounted mortgage has an initial rate of 2.59% with a £100 application fee, an £800 completion fee which can be added to the loan, and scaled valuation fees. Furthermore, an early repayment charge of 2% applies for the two-year period.

The new product is being offered up to 80% LTV on a repayment basis or 75% LTV on an interest-only deal. There are no upper age restrictions and up to four borrowers per application are accepted.

L&G Mortgage Club head of lender relationships, Danny Belton, commented: “Demand for holiday let investments is still surging and we are proud to partner with Harpenden Building Society to respond to this growing appetite in the market with our latest discounted exclusive.

“With a potential rate rise on the horizon, this exclusive offers advisers welcome access to another competitively priced product, widening the choice they can offer to borrowers looking for holiday let solutions. The Harpenden is a longstanding partner of L&G Mortgage Club, and we are pleased to be continuing to expand our offering to advisers with the building society.”

Harpenden Building Society head of distribution and marketing, Emily Smith, added: “We are pleased to be offering this discounted, holiday let mortgage product to the broker network at L&G Mortgage Club.

“With the demand for holiday lets having increased over the last 18 months, this product offers a great rate for customers, and includes the added benefit of personal usage for 90 days.”

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