Refinancing activity among private landlords has equalled historic peaks as investors move early to secure replacement fixed-rate deals before their existing terms expire.
Research by Pegasus Insight shows 57% of leveraged landlords arranged a new mortgage, product transfer or refinancing arrangement in the 12 months leading up to June.
This activity matches the highest level recorded at the end of 2025 and marks a big increase from 39% measured two years previously.
Refinancing and product transfers accounted for eight in 10 overall transactions, whereas new purchases comprised 8% of recent mortgage market volume.
Window of opportunity
A director of the firm, Bethan Cooke, 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."
She added: "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."
Brokers secure landlord deals
Two-thirds of landlords arranged their latest loan via a mortgage broker, rising to 75% among owners of four or more properties.
Priorities for borrowers selecting new deals centred on competitive interest rates alongside minimal upfront charges.
With 64% of property owners starting search processes three to six months prior to expiry, early client contact remains critical for retention.
Portfolio sizes continue expanding
Pegasus Insight has also revealed that average landlord portfolio sizes grew to 7.3 properties, highlighting an ongoing trend towards professionalised residential lettings. Investors using limited companies registered larger average holdings of 15.3 units, up from 12.8 during the fourth quarter of 2025.
Full-time or self-employed property investors now constitute 21% of total survey respondents, up four percentage points over recent months.
Corporate ownership accounts for 66% of overall units held by landlords who operate through corporate business vehicles.
Lenders need complex products
However, refinancing demands remain concentrated among larger investors, where 56% of owners holding four or more loans expect to refinance over the coming year.
Portfolio borrowers demonstrate twice the activity levels of smaller investors when searching for replacement mortgage arrangements.
Specialist lending structures are experiencing growing demand as corporate ownership models become standard across expanding lettings businesses.
The firm's managing director, Mark Long, said: "The PRS is becoming increasingly professional and sophisticated.
"The image of the landlord with one or two properties operating on the side of another career no longer tells the full story."
He added: "We are seeing fewer landlords treating property as a sideline investment and more operating as professional businesses with larger, more sophisticated portfolios."
Landlords wanting BTL refinancing
Simon Thompson, the managing director of Accommodation for Students, said: "Landlords must prepare refinancing strategies early to secure favourable interest rates before fixed terms lapse.
"Working with independent mortgage advisers provides direct access to specialist borrowing channels suited for complex portfolio holdings."
He added: "It's worth noting that transitioning ownership into limited company structures may offer financial benefits as corporate investment becomes standard.
"There's no doubt that the active management of expiring debt ensures long-term profit margins remain protected against ongoing market fluctuations."
