The typical buy-to-let landlord with borrowing now holds an average of 6.5 individual loans, spread across just over two lender relationships, with total debt averaging £714,000.
The figures, drawn from Pegasus Insight’s Landlord Trends Q4 2025 research, point to a significant increase in the complexity of buy-to-let landlord borrowing arrangements.
Rather than relying on a single mortgage product, many landlords are actively managing multiple borrowing arrangements, often with different terms, maturities and refinancing timelines running at the same time. That multi-loan, multi-lender structure creates an ongoing financing challenge that bears little resemblance to the simpler model many landlords operated historically.
Landlords appear to be responding to that complexity with greater forward planning. Seven in ten began their most recent remortgage process at least three months ahead of product maturity, suggesting a high level of engagement with financing decisions. Broker support remains central to navigating these arrangements, with the majority of landlords continuing to rely on intermediaries, particularly those managing larger or more diverse portfolios.
“What stands out from the data is the degree to which landlord borrowing is structured across multiple products and lenders,” said Mark Long, managing director and founder of Pegasus Insight. “For many, managing finance is no longer a one-off decision, but an ongoing process.”
“What’s interesting here is not just the number of loans, but what that says about how landlords are operating. Managing multiple mortgages across different lenders requires a level of coordination and forward planning that simply wasn’t part of the model for many landlords historically.”
“That creates both opportunity and exposure for borrowers. When financing is structured across several products, decisions in one part of the portfolio can have knock-on effects elsewhere, particularly around refinancing and cashflow timing.”
“It also reinforces the importance of professional mortgage advice. As portfolios become more layered, landlords need a clear view across their borrowing, rather than treating each mortgage in isolation.”