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Buy-to-let mortgage choice soars

The number of buy-to-let mortgages available in the UK has reached a two-and-a-half year high as lenders return to the market, figures have revealed.

Investment landlords have 463 different deals to choose from, up from 312 six months ago and just 299 in May last year, with availability now at its highest level since October 2008, according to financial information group Moneyfacts.co.uk.

The rise in choice has been driven by lenders returning to the market, with 64 banks and building societies offering buy-to-let deals, up from a total of just 48 a year ago.

The increase in competition has helped to drive down the average cost of the loans, with typical interest rates falling from 5.30% last year to 4.97% now.