Hodge has made further reductions on its holiday let mortgages, by reducing the five-year fixed 75% LTV product by 0.20%.

This rate reduction will bring the fee-paying option of the five-year fixed from 3.95% to 3.75% and the non-fee option from 4.1% to 3.9%.

This latest rate drop comes after the intermediary-only lender also reduced the rates of its 50+ and RIO mortgage products, of 0.30% and 0.20% respectively, as well as a 0.10% drop on other holiday let products in recent weeks.

Emma Graham, business development director at Hodge, said: “It’s no surprise that in a rising rate environment, we’ve seen an uplift in written business on our longer-term fixed rate products. This is why we’ve made further changes to our rates to provide a more competitive choice for those borrowers looking to fix their monthly payments for longer.

She added: “The added benefit of the Hodge Early Repayment Promise gives peace of mind that early repayment charges can be waived should borrowers decide to sell their holiday let property during the promotional period.”