The choice of buy-to-let deals available to first-time landlords has grown, according to Moneyfacts.co.uk.

There are now 2,235 mortgages on offer to first-time landlords, compared to 1,311 last February, said the financial information provider.

The proportion of the market available to first-time landlords has remained relatively stable year-on-year, currently accounting for 64% of buy-to-let deals.

Mixed picture on rates

The average two-year fixed rate for first-time landlords has risen 0.09% over the past year and currently sits at 3.19%.

A five-year fixed product is currently 3.47%, and has fallen by 0.19% year-on-year.

Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “The buy-to-let sector has faced its share of upheaval and changes to regulations and requirements in recent years, so it is highly encouraging to see that providers are still keen to attract first-time landlords (FTLs).

“Information from the Rightmove Rental Trends Tracker indicates that rents have risen at the fastest rate on record, while tenant demand has almost doubled. Perhaps understandably, some consumers may therefore be considering investing in bricks and mortar, especially while the returns available on standard savings accounts continue to fail to beat the rate of inflation.

“While providers seem to be working hard to cater deals for prospective landlords, those deciding whether this is the right time for them to join the buy-to-let arena might be wise to secure the support of a qualified adviser in assessing their choices and to ensure they are informed regarding upcoming changes to the market and associated risks. Careful planning and seeking independent advice could be vital in establishing whether buy-to-let is a viable investment opportunity for them.”