Almost four in 10 landlords plan to refinance buy-to-let property during 2026, as an estimated £49.7 billion worth of fixed-rate mortgages reach the end of their terms. The wave of maturing deals – predominantly five-year fixes taken out during the stamp duty holiday boom of 2021 – will force hundreds of thousands of investors to reassess their borrowing costs and portfolio strategy, according to new research from Paragon Bank.
The lender’s quarterly survey of more than 800 landlords, conducted by Pegasus Insight, found that 39 percent intend to remortgage or switch products this year. That figure has climbed steadily from 27 percent in the equivalent quarter five years ago.
Portfolio landlords drive the refinancing surge
Refinancing intentions rise sharply with portfolio size. More than half (53 percent) of landlords holding four or more buy-to-let mortgages expect to remortgage or secure a product switch in 2026, compared with just 27 percent of those with between one and three properties.
On average, landlords plan to refinance 2.2 properties each. Nearly half (46 percent) will refinance a single property, while 31 percent expect to arrange new deals on two. At the upper end, six percent anticipate securing new borrowing for five or more homes.
The data highlights the scale of activity ahead. With £49.7 billion in a fixed-rate buy-to-let mortgage due to mature in the 12 months to November, lenders and brokers face one of the busiest refinancing periods in recent memory.
Personal name borrowing still dominates
Despite the growing trend toward limited company structures in buy-to-let, the majority of refinancing activity remains outside corporate vehicles. Almost eight in 10 properties (78 percent) will be refinanced in a personal name, with 19 percent held in limited companies.
The research also found that more than six in 10 landlords who use buy-to-let borrowing have already had a fixed-rate deal mature within the past two years, suggesting many investors are now familiar with the current rate environment.
Stamp duty boom creates 2026 refinancing cliff
Louisa Sedgwick, managing director of mortgages at Paragon Bank, said 2026 would be another significant year for maturing mortgage business.
“The research highlights how 2026 will be another big year for maturing mortgages, with remortgaging and product switches driving buy-to-let business,” she said. “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.”
Sedgwick added that while many landlords planned to refinance just one property, a significant proportion would be managing multiple remortgages simultaneously – adding complexity and increasing the importance of early planning.
What the refinancing wave means for landlords
For buy-to-let investors, the scale of maturing debt presents both risk and opportunity. Landlords who locked in at historically low rates in 2021 will face higher repayments when they switch, even with the Bank of England base rate now at 3.75 percent – well below its 2023 peak but still significantly above the sub-one percent levels of the pandemic era.
The gap between old and new rates will vary by deal, but for many landlords the refinancing event will be the moment profitability arithmetic is tested. Those with strong rental yields and manageable loan-to-value ratios are best placed to absorb the increase. Others – particularly those in lower-yielding regions or with highly leveraged portfolios – may find their margins compressed further.
Editor’s view
The 2021 stamp duty holiday created a surge in buy-to-let purchases that is now producing a refinancing cliff. Landlords who have not yet checked what their new rate will look like should do so urgently. Early planning is not optional – it is the difference between a smooth transition and a profitability shock.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 5 February 2026
Sources: Paragon Bank, Pegasus Insight landlord survey Q4 2025
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