Buy to let remortgaging hits record high

Buy to let refinancing has returned to a record high, with 57% of leveraged landlords arranging a new loan, remortgage or product transfer in the 12 months to June.

That was 10 percentage points higher than the previous quarter and matched the peak recorded at the end of 2025, compared with 39% two years ago.

Remortgages and product transfers made up around eight in ten recent transactions, while mortgages for new purchases accounted for just 8%.

Pegasus Insight said refinancing, rather than portfolio expansion, is generating most new business for lenders.

Landlords seek new BTL deals

Bethan Cooke, a director of the firm, said: “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.”

She added: “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.”

Fixed BTL rates expire

Some 62% of mortgaged landlords have had a fixed-rate deal end within the past two years.

When those deals expired, 60% refinanced with their existing lender, while 29% moved to a different lender.

Almost two-thirds (64%), began arranging their replacement mortgage between three and six months before the fixed term ended.

Higher interest rates and difficulty finding a competitive deal were the challenges most reported at renewal.

Portfolio refinancing plans

Another 40% of borrowers plan to remortgage or take a product transfer during the next 12 months, covering an average of around 2.5 loans each.

About half of portfolio landlords with four or more buy to let mortgages expect to refinance, involving an average of 3.7 loans.

Two-year and five-year fixed rates are equally popular, although 28% of landlords have yet to decide which product type they will choose.

Two-thirds arranged their most recent loan through a mortgage intermediary, rising to three-quarters of portfolio landlords, with interest rates ranked ahead of upfront fees and charges.

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