There were 2,883 fixed and variable buy-to-let mortgage products available at the start of April.
Between the start of March and the start of April, the number of buy-to-let mortgage products increased from 2,844 to 2,883, according to recent analysis from Moneyfactscompare.co.uk.
Although there were more products available at the start of the year (3,114), there are now more deals to choose from than at the same time last year when there were just over 2,600 available.
“The stabilisation of buy-to-let product availability is a positive turn of events for landlords after recent months of contracting choice,” commented Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.
“Lenders will no doubt need to remain fluid with their product ranges and ensure they can react quickly to market uncertainty, such as volatility surrounding swap rates,” she continued.
Five-year vs two-year
Even though overall choice has risen, a closer look at the data reveals a difference between the product availability of two- and five-year fixed deals.
While the number of five-year fixed rate buy-to-let products rose by 47 month-on-month, the number of two-year fixed rate buy-to-let products available dropped by 19.
However, for both two- and five-year products, there is a greater availability of deals at 80% loan-to-value (LTV) compared to last month, as well as last year.
There are now 136 two-year fixed rate deals and 141 five-year fixed rate deals at 80% LTV available, up from 83 and 75 respectively in April 2023.
“This improvement in choice should be welcomed, but the real challenge surrounds affordability where both the average two- and five-year fixed rates at 80% loan-to-value remain above 6%,” Springall noted.