The number of BTL mortgage products has noticeably increased since the beginning of October according to Moneyfacts.

Moneyfacts’ independent mortgage market monitor finds BTL products, fixed and variable have increased by more than 700 available options since the start of October, but this is still 300 fewer products than at the beginning of September prior to the ill-fated disastrous mini-Budget under Liz Truss’s short tenure.

Rachel Springall, Moneyfacts financial expert, says: “The buy to let sector has faced notable market turmoil, so it’s positive to see product choice gradually returning since the start of last month. A rise in choice could indicate an encouraging sentiment across lenders that appear to be adjusting their ranges to cater to landlords searching for a new deal.

“The cost for locking into a new fixed deal has risen since the start of October, and the overall average buy to let fixed rates across both two- and five-year terms sit above 6.0 per cent.

“So, despite product choice starting to return, landlords will be paying higher interest rates than if they secured a deal just eight weeks ago. There are high expectations that interest rates will come down in the weeks ahead, so it would not be too surprising if landlords wait a little longer before they refinance, particularly as we approach the end of the year.”

Springall also says that potential landlords weighing up the possible returns from investing into the sector may be worried about profit margins being considerably reduced by the rising cost of living and  interest rates. She advises any new investor to be conservative with rental expectations amid ever rising costs and the unpredictable effects this will have on the sector next year.