The number of buy-to-let (BTL) mortgage products on the market has increased substantially in the last two years, according to Moneyfacts data.

It says that 2022 began with 3,528 BTL products available, which is the highest since September 2007, when there were 3,662 to choose from.

This compares to a count of 2,003 in January 2021 and 2,583 in January 2020, which was of course before Covid hit the UK.

As well as this, the number of BTL mortgages at 85% LTV has recovered from the grand total of zero available this time last year to 28 today. This is close to the 32 available in January 2020.

Regarding rates, at 2.94%, the average price for a two-year fix at all LTVs is at its highest since September 2021, when Moneyfacts reported it as also being 2.94%, while the average five-year fixed rate at all LTVs has stayed the same since October 2021 – 3.18%.

This is the lowest its been since August 2020, when Moneyfacts recorded a rate of 3.06%.

Moneyfacts finance expert Eleanor Williams says: “The rise of 222 [BTL] deals is the highest month-on-month increase in availability that we have recorded since July 2021.

“The latest rental market report from Zoopla indicates that rental demand grew to a 13-year high in the third quarter of 2021, and while demand for property continues to outstrip supply, it also recorded an increase in average UK rents of 4.6% over the year, so there may be those considering investing in the sector.

“Our latest data suggests that providers seem prepared to offer a variety of deals for landlords who are either investing in property or are looking to lock into a new deal, so anyone considering their next move in the BTL arena would be wise to seek advice from an independent broker to assess the changing market.”