The survey found that 83% of buy-to-let (BTL) mortgage brokers were recommending fixed-rate mortgages with only 17% recommending tracker products.

The results show that 42% of respondents said to opt for a five-year fixed rate product, while more than a third (38%) said a two-year fixed option was better.

It also noted that 3% of brokers picked a 10-year fixed product.

Landbay sales and distribution Rob Stanton says: “Brokers’ preference for 5-year fixed mortgages reflects their focus on providing landlords with stability in a volatile market. With 42% of brokers favouring 5-year fixed deals, these products are still outpacing 2-year fixes and tracker products.”

“Landlords are navigating choppy regulatory waters and significant economic headwinds.  It’s perfectly sensible to lock into certainty under the circumstances. It’s predictability over flexibility.”

“There has been a shift in the BTL market’s preference for short-term deals and fixes. In the second quarter of 2022, 83% of BTL landlords told us they were looking at 5-year or 10-year fixes.  Only one in six – 17% – were interested in trackers or short-term fixes. Most of the industry was looking to shield against rate hikes.”

“Compare that to today with 55% of brokers saying trackers and short-term 2-year fixes are their go-to mortgage recommendation. In that context, it’s a completely different story.  Brokers’ recommendations suggest a strategic shift away from surety and predictability, towards affordability and profitability.”

“Given markets are currently forecasting a further three 0.25 percentage point cuts before Christmas – which would mean interest rates reaching 3.5% by the end of the year – they’re not wrong to be moving in this sort of direction.”

Last week, Landbay announced rate reductions across its BTL product range, with rates falling by as much as 0.80%.