Latest data from Mortgage Brain shows further reductions in the cost of most mainstream buy-to-let mortgages over the past three months.

Figures released from Mortgage Brain’s latest buy-to-let product data analysis show that the cost of a two year fixed buy-to-let mortgage with an 80% LTV is now 4% lower than it was in August 2016.

With a current rate of 3.34% (as of 1 November 2016) the reduction in cost equates to a potential annualised saving of £324 on a £150k mortgage.

The data shows a 5% drop in cost compared to May 2016 and an 11% fall compared to this time 12 months ago. In financial terms, the 11% reduction in cost equates to a potential annual saving of £1,098.

At 2.40%, a two year tracker buy-to-let mortgage with a 70% LTV now costs 3% less than it did three months ago and offers landlords an annualised saving of £234.

Those favouring longer terms deals can also take advantage of the recent cost reductions with the cost of a five year ixefd buy-to-let mortgage (60% LTV) now 2% less than it was at the start of August 2016 and 3% less when compared to six months ago.

While seeing very little movement over the past three months the lowest rate five year fixed buy-to-let product with a 70% LTV now costs 6% less than May 2016 and 9% down in cost compared to 12 months ago. With a rate of 2.56%, the 9% cost reduction equates to an annualised saving of £846 on a £150,000 mortgage.

However, with Mortgage Brain’s data showing cost increases for some buy-to-let mortgages. A three year fixed buy-to-let product (70% LTV), for example, now costs 3% more than it did in April and an 80% LTV two year tracker now costs 4% more than it did three months ago.

Mark Lofthouse, CEO of Mortgage Brain, said: “The rise in costs for the three year fixed and two year tracker mortgages could be a sign that buy-to-let lenders are starting to look at minimising risk amidst further Brexit uncertainty.

“There’s no doubt though that on the whole potential buy-to-let investors remain in a great position to take advantage of the low rates and cost reductions that we’re continuing to see.”