The average pricing of two and three-year fixed rate buy-to-let mortgages is at an all-time low.

This is according to the latest Index published by Mortgages for Business.

The average two-year fixed rate for a two-year product is 2.92%, while three-year fixes average at 3.76%.

Five-year fixed rate products crept up for the second month in a row, the index reveals. They now average 3.77% – exceeding the average price of a three-year fix for the first time in two years.

Meanwhile, January was a good month for short-term tracker products, with two-year buy-to-let tracker rates again at an average of just 2.81%, having remained unchanged from December.

“Longer term swaps in particular have risen in recent months, so it’s no surprise that pricing for five-year fixed rates have started to creep up,” comments David Whittaker, chief executive of Mortgages for Business.

“However, when looking at the bigger picture, these rates are still, on average, less than 1% more than their shorter term counterparts.”