On behalf of Paragon Bank, Pegasus Insight surveyed 837 landlords and the research revealed that almost four in 10 landlords plan to refinance their buy-to-let property during the next 12 months.
The research covers the fourth quarter of 2025 (UK Finance - November 2025 data), and found that “39% intend to refinance throughout 2026, a figure that unsurprisingly increases in line with portfolio size”, says Paragon Banking.
The statistics also reveal that 53% of those with four or more buy-to-let mortgages anticipate either “remortgaging or switching to a new product with their existing lender.” This number falls to 27% for those with between one and three properties.
The increase over time
The data shows that refinancing has steadily increased over time, Paragon proves this with data from the same quarter in 2020. This 2020 data saw an average of 27% of landlords planning to either remortgage with another lender or secure a product switch with their existing, in comparison to the current 39%.
The next 12 months
The November 2025 data shows that £49.7 billion worth of fixed-rate buy-to-let mortgages are set to mature in the 12 months to November. Paragon says these are “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 number of properties impacted
The survey revealed that landlords plan to refinance an average of 2.2 properties each. Just under half of landlords (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.
How will they be refinanced?
According to the Pegasus Insight data, “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.
Why do purchases look more attractive?
Louisa Sedgwick, Managing Director of Mortgages at Paragon Bank, said: “Our separate analysis of industry data 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.”
