There has been a steady increase in the numbers of buy-to-let mortgage products since the start of May in a sign the market is starting to recuperate, according to Legal & General Mortgage Club.
The latest research carried out by Moneyfacts.co.uk has found that since May, the number of buy-to-let deals - fixed and variable - available at all loan-to-values (LTVs) has increased by 283, marking a sustained recovery in the market.
Kevin Roberts, director, Legal & General Mortgage Club, said: “The buy-to-let market certainly didn’t avoid being impacted by the Covid-19 crisis and lockdown.
“In May, there was a significant fall in the number of products available to landlords. However, today’s news that more choice is returning to the market is a vote of confidence in the buy-to-let sector and a sure sign that it remains open for business.”
Data from Legal & General Mortgage Club shows that despite the pandemic landlords still have a positive view of the buy-to-let sector, supported by low mortgage borrowing rates.
With rates starting from 1.19%, there are some highly competitive BTL deals available to landlords at the moment.
Roberts added: “Nearly three in every five landlords [57%] told us that the crisis has had no impact on their plans to stay in the market and more than one in ten [16%] even have plans to buy more property over the coming months.”