The research firm said there had been a big increase in the number of products available, with 745 mortgages available now compared to 476 two years ago.

Of these, the number of two-year fixed rates available below 3% has rocketed from just five two years ago to 83 today.

In the five-year fixed rate market the number of deals available for less than 5% has grown from 37 to 143.

Rates have fallen as the number of products has grown with the typical two-year fix now available for 3.45%, compared to 4.44% two years ago.

Similarly the five-year fix has dropped from 4.67% down to 4.25%.

Charlotte Nelson, finance expert at Moneyfacts, said the market was proving much more attractive for consumers.

“Buy-to-let mortgages are experiencing a renaissance, becoming not only more widely available but cheaper, too,” she said.

“With more five-year fixed rate deals charging below 5% than ever before, it is little wonder that the newly emancipated pensioners are genuinely considering buy-to-let as a retirement option. But those looking at this route as an alternative to a pension need to look at all aspects of the mortgage.

“Many lenders restrict the age they will borrow up to, so older borrowers would be wise to seek the guidance of a financial adviser who can access a larger portion of the market. Nonetheless, with easy savings to be made you are now likely to be recouping more in rent, which will allow you to get a bigger return on an investment.”