Buy-to-let landlords are enjoying the lowest mortgage rates on record, according to a new survey.
Figures from Moneyfacts.co.uk suggest that average rates across all terms have dropped to just 3.82 per cent, down from 4.22 per cent in February last year.
The research attributes the fall to an increase in competition in the buy-to-let mortgage market. According to Moneyfacts there are now 811 deals available, compared with 757 in the previous month.
Meanwhile average variable rates have also fallen, from 4.17 per cent in February 2014 to 3.63 per cent this month.
Moneyfacts editor Sylvia Wood said: “When you consider how dire savings rates are it is hardly surprising that buy-to-let is proving popular with investors, and this is likely to increase once the rules relaxing the drawdown of pension pots in April come to fruition.”
Are you looking for your mortgage? Read our tips for getting a first-time buy-to-let mortgage.