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The number of buy-to-let (BTL) mortgages available on the market is on the rise, with cheaper rates also becoming available to landlords.
In recent years, there has been a healthy rise in the number of BTL mortgages on offer, up from 476 two years ago to 745 today, the figures show.
Also noted in the study is the sharp increase in the number of low rate deals available, and the fall in rates across the board.
There are currently 83 two-year fixed BTL deals prices below 3%, up from just five two years ago.
Two years ago there were just 37 BTL mortgages priced below 5%, today there are 143 on the market, offering landlords greater choice and pleasing their pocket.
“It is great news for landlords that not only are buy-to-let mortgages becoming more widely available, but they are also becoming cheaper,” says a spokesperson for Landlord Insurance providers Discount Insurance.
The average two-year fixed rate BTL deal is currently priced at 3.45% (down from 4.44% two years ago), and the average five-year deal now stands at 4.25% (down from 4.67%).
“Lower rates will help landlords increase their margins without having to increase their rents. With what where once specialist products now widely available, it is little wonder that many approaching retirement are considering buy-to-let to boost their pension fund” added the spokesperson.
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