Some rates are fixed as low as 2.4%, though these types of deals do require a large deposit of around 40%.
Rates have been driven down partly by the growing number of people renting city properties, while lenders are slashing rates to attract new customers.
"They wanted to be borrowing and they wanted to be acquiring properties but there was no funding available to them.
"The extent to which we are seeing a boom today, it is now their chance to borrow funds from more lenders in the market who are active in the buy-to-let space."
The reduction in rates, and steady rise over 2013 in buy-to-let lending, is fuelling fierce competition between landlords and would-be first-time buyers.
The rental market is also contributing to the competition due to a wider reversal in the trend of home ownership.
Roughly 10 million people now live in homes rented from private landlords. That's double the number who did back in 2000.
In addition, lenders are increasingly keen to attract new business and are reducing their rates.
Research by Mortgages for Business found that 57% of buy-to-let landlords wanted to buy more properties this year alone.
While many economists expect interest rates to rise sooner than expected, and that would help slow the buy-to-let boom, it's unlikely to come soon enough for first-time buyers currently facing such stiff competition.
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