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Derin Clark

Derin Clark

Online Reporter
Published: 05/07/2021

Landlords looking for a buy-to-let (BTL) mortgage have the highest level of choice since March 2020 but may be disappointed to see that year-on-year average rates have risen.

Research carried out by found that the number of BTL deals has recovered from the impact on the pandemic on the BTL mortgage market, standing at 2,709 at the beginning of July. This is the highest number of deals on the market since March 2020, when there were 2,897 deals.

“Landlords now have the highest level of product choice that we have recorded in over a year,” explained Eleanor Williams, finance expert at “At 2,709 the number of products available to investors is far more than the choice they were faced with this time last year, but perhaps even more interesting is that there are 365 deals more available now than we recorded in July 2019, demonstrating the strength and resilience of this sector in the aftermath of an unprecedented 18-months.”

Year-on-year, however, the average rate has increased, with the average rate on two year fixed rate deals up from 2.61% in July 2020 to 2.98% in July 2021, an increase of 0.37%. Meanwhile, the average five year rate has increased by 0.31%, up from 2.97% to 3.28% during the same period.

Those with a 25% deposit, who would need a 75% loan-to-value (LTV) mortgage, continue to have the most choice of deals, with 952 deals available at this LTV this month. The average rate on deals at a 75% has also increased year-on-year, with the average two year rate at this LTV increasing by 0.29% year-on-year, up from 2.72% in July 2020 to 3.01% in July 2021. The average rate on five year deals at a 75% LTV increased by 0.22% during this same period, up from 3.14% to 3.36%.

Average rates fall since 2019

Although average rates have risen year-on-year, since 2019 average rates have fallen, which is good news for landlords currently coming to the end of a two year fixed deal.

Our research has found that in July 2019 the average rate on two year deal was 3.01%, which is 0.03% higher than the average rate this month, and the average five year rate was 3.50%, which is 0.22% higher than this month’s average rate.

In addition to this, the average rate at a 75% LTV on both two and five year fixed deals have fallen since 2019. The average two year rate at this LTV fell slightly, down by 0.01%, and the average five year rate at a 75% seeing a more significant fall of 0.15%.

The lowest rate currently available in the 75% LTV BTL chart is from The Mortgage Works, which offers 1.39% (5.0% APRC) fixed to 30 September 2023 and then reverts to 5.24%. The lowest five year rate currently available at a 75% LTV is also from The Mortgage Works, which offers 1.94% (4.4% APRC) fixed until 30 September 2026 and then reverts to 5.24%.

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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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