More than half of landlords arranged a new loan in last year
Buy-to-let remortgage activity is back to its record high, with refinancing generating the bulk of new business for lenders. More than half (57%) of leveraged landlords arranged a new loan, remortgage or product transfer in the 12 months to June, according to the latest Landlord Trends research from Pegasus Insight.
It marks a 10 percentage points rise on the previous quarter and equals the record high seen at the end of 2025. The figure is also up from the 39% seen two years ago.
Remortgages and product transfers accounted for around eight in ten recent transactions, with mortgages for new purchases making up just 8% of transactions.
62% of mortgaged landlords have had a fixed-rate deal come to an end within the last two years, of which 60% remortgaged with their existing lender when their deal expired, while 29% remortgaged to a different lender.
Nearly two-thirds (64%) of landlords began to arrange their replacement deal three to six months before their fixed rate ended.
Future remortgaging plans
40% of landlords plan to remortgage or take a product transfer in the next 12 months, covering around 2.5 loans each on average. Among portfolio landlords with four or more buy-to-let mortgages, around half anticipate refinancing in the year ahead, across an average of 3.7 loans. Fixed rates remain the most popular – with an equal split between two- and five-year terms. 28% are yet to decide on their next product type.
Two-thirds of landlords arranged their most recent buy-to-let loan through a mortgage intermediary, rising to three-quarters of portfolio landlords. Landlords prioritise a competitive interest rate, followed by low upfront fees and charges, according to the research.
A refinancing market
Bethan Cooke, director at Pegasus Insight, said: “Buy-to-let is currently first and foremost a refinancing market, with landlords remortgaging and arranging product transfers at record levels.
“The point at which a fixed rate matures has become a pivotal moment in the lending relationship. Most landlords stay with their existing lender when their deal ends, but a significant minority look elsewhere, and because they begin researching their options months before expiry, there is a genuine window for lenders to engage early with competitive rates and low fees, the two things landlords tell us they care about the most.
“For intermediaries, the picture is an encouraging one. Portfolio landlords in particular are managing multiple loans on different timelines and clearly value advice, and with deals maturing month after month, brokers who stay close to those clients as their fixed rates approach expiry are well placed to help them find the right deal.”