There were 3,560 fixed and variable-rate landlord deals available at the start of February, the highest number on record since November 2011
The choice of buy-to-let mortgage deals has hit an all-time high since a financial website began its digital records back in 2011.
The number-crunchers at Moneyfactscompare.co.uk have registered 3,560 fixed and variable-rate offerings as of early February – more than ever recorded in their electronic archive dating back to November 2011.
The site constantly updates its database with figures from the start of each month. February counts 92 additional five-year fixed-rates and 114 two-year fixes compared to January. Despite this boom in choices, the average rate tags tacked onto these mortgages took a nudge upwards month-on-month.
The typical two-year fixed-rate for a buy-to-let rose to 5.40% in February from 5.34% the previous month, while the average five-year equivalents crept up to 5.56%, marking an uptick from January’s 5.45%.
Moneyfacts’ finance expert Rachel Springall said: “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.
“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.
“Affordable housing remains in short supply, so demand for rental properties continues. However, rising costs are taking their toll on prospective landlords.”
