Huge drop in buy-to-let mortgage deals

Tuesday 10th July 2012

The number of buy-to-let mortgages is less than a fifth of those on offer five years ago.

According to Moneyfacts, there are now 411 prime products buy-to-let deals compared with 459 a year ago and 2,265 five years ago.

Today’s average variable rate on a buy-to-let mortgage is 4.53%, compared with 6.23% five years ago, while the average fixed rate of 5.03% today compares with 6.03% five years ago.

Rachel Springall, spokesperson for Business Moneyfacts, said: “As interest rates have fallen for buy-to-let deals, product availability and therefore choice have also dropped a staggering 82% in five years.”

She said that competition today is “focused around the price of a few products rather than a wide selection of products, which allow for other considerations such as service and additional benefits”.

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