The lender has cut rates for its five-year fixed-rate mortgage and two-year discounted option, which are now priced at 3.79% and 3.34%, respectively.

Completion fees have also been reduced from £1,500 to £999 across the range.

In addition, the lender now uses an average of the projected low, mid and high season weekly rental yields, multiplied by 30 weeks to calculate the annual rental income.

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Cambridge Building Society has also added a new two-year fixed-rate option to its holiday let suite, available at 3.69% at up to 75% LTV.

The holiday let range offers loans between £50,000 and £500,000 at up to 75% LTV, and is available for properties across England and Wales for purchase, remortgage, product switches and further advances.

Tracy Simpson, head of lending at Cambridge Building Society (pictured above) said: “We’re excited to add another great product to our range of competitively priced holiday let mortgages, as well as making it cheaper for customers to complete.”