Rates on buy to let mortgages have fallen to a six-year low, new research by comparison website, Moneyfacts, has shown.

The average buy to let home loan is currently 4.69% - a level not seen since 2007. This rate is markedly lower than the 5.04% recorded 12 months ago and considerably below the 5.77% posted three years ago.

The National Landlords Association has responded to the falling rates by urging lenders to improve their deals.

David Cox, policy adviser at the trade body for professional landlords, said: "Our research shows one third of landlords have been unable to expand due to difficulties accessing finance. Greater competition and innovation from lenders is needed."

The Moneyfacts findings also revealed that, at the launch of the government's £80 million Funding for Lending Scheme five months ago, the average buy to let rate stood at 5.09 per cent.