Buy-to-let (BTL) product availability has reached a record high, Moneyfacts reveals.

The latest analysis shows that overall BTL fixed and variable product availability increased to 3,560 deals. This is the highest count on Moneyfacts’ electronic records since it started in November 2011.

There has also been a month-on-month rise of 92 five-year fixed deals and an increase of 114 two-year fixed deals.

Average fixed rates over two- or five-year fixed terms overall rose month-on-month while the average two-year fixed rate is lower year-on-year.

Moneyfacts finance expert Rachel Springall says: “Landlords searching for a new deal will find the choice of buy-to-let mortgages has hit a record high, which could instil a sense of optimism.”

“Views are mixed on how the buy-to-let market will fare this year, but lenders are clearly working hard to attract new business, such as those launching new deals at higher loan-to-value ratios, and even deals created for a limited company.”

“Diving into the overall choice of buy-to-let mortgages shows there are still more deals with a fixed term of five years, versus two years, and both counts are at record highs. Five-year fixed buy-to-let mortgages have been in more abundance than their two-year counterparts since June 2020.”

“Those landlords with a limited deposit or equity will find deals at 80% loan-to-value are at a record high.”

“There are now 417 options, more than double the choice back in 2023, good news for those coming off a two-year fixed deal this year. However, the downside of the past few years has been volatile interest rates; thankfully, compared to 2023, buy-to-let mortgage rates are lower, across two- and five-year fixed terms.”

“However, if someone locked into a cheap deal back in 2020, they will be in for a shock this year when they come to refinance. Landlords will hope rates come down this year, but sticky inflation can delay further base rate cuts, and the swap rate market remains unpredictable.”