Four in 10 buy-to-let landlords plan to refinance in 2026
Quick Summary
Almost four in 10 landlords plan to refinance their buy-to-let properties during the next 12 months, Paragon Bank research shows. The data, covering Q4 2025, found that 39% intend to refinance in 2026. With more competitively priced buy-to-let rates and additional landlords taking limited company mortgages, more landlords are expected to refinance to ensure they are getting the most competitive rates. Industry figures show that £49.7 billion worth of fixed-rate buy-to-let mortgages are set to mature in the 12 months to November.
Almost four in 10 landlords plan to refinance their buy-to-let properties during the next 12 months, Paragon Bank research shows.
The research, which covers Q4 2025, found that 39% intend to refinance throughout 2026, a figure that increases in line with portfolio size. Over half (53%) of those with four or more buy-to-let mortgages anticipate either remortgaging or switching to a new product with their existing lender, falling to 27% of those with between one and three properties.
The data shows that refinancing has steadily increased over time, with the same quarter in 2020 seeing an average of 27% of landlords planning to either remortgage with another lender or secure a product switch with their existing.
Industry data from UK Finance shows that £49.7 billion worth of fixed-rate buy-to-let mortgages are set to mature in the 12 months to November, predominantly fuelled by the high number of five-year fixed-rate mortgages taken out during a bumper year for the buy-to-let market in 2021.
The survey of over 800 landlords, undertaken by Pegasus Insight on behalf of Paragon Bank, also revealed that landlords plan to refinance an average of 2.2 properties each. More than four in 10 (46%) will refinance just one home, three in 10 (31%) two homes and, at the other end of the scale, 6% will look to secure new loans for five or more properties.
The rise of the limited company buy-to-let
The majority of properties, almost eight in 10 (78%), will be refinanced in a personal name, with two in 10 (19%) in a limited company. The research also found that more than six in 10 landlords who financed their investments with buy-to-let borrowing had a fixed rate deal mature during the last two years.
Louisa Sedgwick, Managing Director of Mortgages at Paragon Bank, said: “The research highlights how 2026 will be another big year for maturing mortgages, with remortgaging and product switches driving buy-to-let business. This is driven by the buoyant market from 2021, when the Stamp Duty holiday led to the strongest market for buy-to-let house purchase on record. Much of that business was written on five-year fixed-rate mortgages."
Landlords withdrawing equity from their buy-to-let portfolios
Paragon's research also highlighted how landlords are often withdrawing equity to expand their portfolios or invest in those they already own. With rates coming down and demand remaining robust, purchases look more attractive. Additionally, some landlords may draw down funds to enhance the properties across their portfolios to ensure they’re compliant with the forthcoming Renters’ Rights Act and Minimum Energy Efficiency Standards regulations.
What has been happening to buy-to-let mortgage rates recently?
Mortgage lenders have been lowering their buy-to-let rates, so in some cases, they are cheaper than residential fixed rates. Some buy-to-let lenders offer rates close to 2% with really high setup fees, rates around 3.5% with more manageable setup fees, and 4% fixes with flat £1,499 or £1,999 arrangement fees.
Which lenders offer buy-to-let portfolio remortgages?
| Paragon Bank | Strong buy-to-let portfolio expertise; dedicated portfolio criteria and guides. |
| Aldermore | Strong on larger/established portfolios; clear portfolio doc requirements. |
| The Mortgage Lender | Range of cheap rates. Explicit portfolio definition and evidence list (business plan, portfolio schedule, cash flow). |
| Fleet Mortgages | Active in portfolio BTL; clear SPV/SIC expectations (also useful if using a company). |
| Precise Mortgages | Decent rate options. Portfolio and specialist property (HMO/MUFB) capability. |
| Landbay | Portfolio rules and helpful ICR guidance; accepts SPVs. |
| Vida Homeloans | Specialist BTL, including SPVs. |
| Zephyr Homeloans | focused on professional/portfolio landlords. |
| Barclays | Great rates if you qualify. Defines and underwrites portfolio BTL; portfolio schedule required. |
| Accord (Yorkshire BS) | Explicit portfolio criteria and background ICR rules. |
| The Mortgage Works (Nationwide) – | Wide portfolio range; now includes limited company options. Good rates. |
Source: Trinity Financial
TSB launches into the limited company buy-to-let market
TSB has launched Portfolio Buy to Let for Landlords with four or more mortgaged buy-to-let properties, up to a maximum of 10. Customers can have a maximum of 10 mortgaged buy-to-let properties with a maximum of five with TSB up to £2m in total.
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The information contained within was correct at the time of publication but is subject to change.
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