New statistics released by Defaqto have revealed that the amount of buy to let mortgage deals on the market has risen by 104% since 2008. 

In October 2008, there were 237 buy to let mortgage products for consumers to choose from; currently, there are 483 products on the market.

The analysis also found that there was considerable growth in the availability of intermediary-based buy to let mortgage products.  Currently, 86% of buy to let mortgage deals are available either through intermediaries only or through both intermediaries and providers directly.  In 2008, this figure was 70%.

In addition, the number of buy to let mortgage products available through intermediaries only has increased from 24% in 2008 to 60% currently.

Since 2008, seven more lenders have started to offer buy to let mortgages, bringing the current total to 63.  Of this group of lenders, 15 lenders will only offer products through intermediaries, 18 will only offer products directly to customers and 30 make their products available using a combination of the two methods.

Defaqto’s Insight Analyst for Banking, David Black said that the findings showed that the buy to let market is “becoming more buoyant”.

He also stated that the analysis revealed that intermediaries are becoming increasingly more important within the buy to let mortgage sector.

Black added that brokers’ “core strength” is their ability to provide advice, something that is especially valued in the buy to let market, “where people are likely to need more guidance when selecting a suitable mortgage”.