Landlords hit as almost a third of buy-to-let mortgages vanish in a year

Landlords have seen the number of buy-to-let mortgages slide by almost a third over the past year and rates on offer rise, data shows.

The buy-to-let mortgage crunch has seen 800 of the 2,592 deals for landlords on offer in November 2019 vanish, a drop of 31 per cent, according to data from Moneyfacts.

Meanwhile, average rates have risen since the coronavirus pandemic hit, by about 0.5 per cent for a five-year fix for those with big deposits.

For landlords facing higher costs a new online mortgage tool using artificial intelligence has been launched that could help them tweak their applications to save money - perhaps by adding in a bit extra on their equity or borrowing a bit less.

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