The number of buy-to-let mortgages available has reached its highest level in almost a decade, providing new and existing landlords with more choice than ever.
The figures, taken from the latest Moneyfacts UK Mortgage Trends Treasury Report show that the number of buy-to-let (BTL) products has increased by 7% in just one month to total 1,725, up from 1,613 in August and the highest figure seen since December 2007, when 1,942 products were available.
Charlotte Nelson, finance expert at Moneyfacts said: “The BTL market has had an understandably bumpy ride of late, considering all the regulation and tax changes it has had to contend with.
“Despite this, the market seems to be buoyant, with the number of available products reaching its highest point since the 1,942 products that were recorded in December 2007, almost a decade ago.
“The market has clearly recovered from the tougher affordability rules that were put in place on 1 January, when it saw a dramatic drop in the number of products available to landlords. Since then, the number of deals on offer has gone from strength to strength, culminating in a rise of 7% this month, the highest month-on-month growth Moneyfacts has seen in 2017.
“This leaves borrowers looking for a buy-to-let mortgage today in a good position. Providers are now starting to get ready for further changes at the end of September, which will see lenders apply stricter standards to those with four or more properties.
“It is still uncertain how providers will choose to react to the new changes, but product numbers could climb as providers start to target their products to the two different types of borrower.”