As demand for rental properties continues to soar, choice of buy-to-let (BTL) mortgage deals for first-time landlords has grown exponentially, according to research published by Moneyfacts.

The number of products on offer to those entering the BTL space has increased over the course of a year, and currently stand at 2,235 up from 1,311 at the same time last year.

Currently, the proportion of the market available to first-time landlords is up at 64% of BTL deals, marginally down from this time last year when it was 65%.

This indicates optimism from lenders, as does current average fixed rate prices, with the average five-year fixed rate for first-time landlords down from 3.56% in August 2021, to 3.47% in February 2022.

The overall average two-year fixed rate over the same period also fell 0.07%, from 2.97% to 2.90%

“The BTL sector has faced its share of upheaval and changes to regulations and requirements in recent years, so it is highly encouraging to see that providers are still keen to attract first-time landlords,” says Moneyfacts finance expert Eleanor Williams.

“Information from the Rightmove Rental Trends Tracker indicates that rents have risen at the fastest rate on record, while tenant demand has almost doubled,” she adds.

She adds: “Perhaps understandably, some consumers may therefore be considering investing in bricks and mortar, especially while the returns available on standard savings accounts continue to fail to beat the rate of inflation.”