Average buy-to-let rates remained almost static this month compared to last, while the number of available products stabilised, according to Moneyfactscompare.co.uk.

The average two-year fixed rate across all loan-to-values was 5.52% at the start of April, almost unchanged from 5.51% in March.

For five-year fixes, the average fixed rate across all LTVs remained on a par with the two-year average at 5.52%, compared to 5.51% in March.

However, this marks a substantial jump from a year ago when there was a 20 basis point gap between average two-year fix at 3.22% and the average five-year fix at 3.42% in April 2022.

The number of available buy-to-let deals rose slightly from 2,844 to 2,883 between March and April.

This marks a reduction of 552 deals compared to last April when there were 3,435 and it follows a steep drop in product availability between January and February when 276 deals were pulled.

Moneyfactscompare.co.uk finance expert Rachel Springal says: “The stabilisation of buy-to-let product availability is a positive turn of events for landlords after recent months of contracting choice.

“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 adds: “Landlords with a limited deposit or equity will find a growing pool of products at 80% loan-to-value.

“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%.

“However, looking at the overall average rates, both have managed to remain below 6% throughout 2024 so far.

“The margin of profit from rental income may well be tighter than in previous years, due to several factors, including the cull of mortgage tax relief and the expense to cover EPC requirements.”