OSB Group says total originations rose 10 percent to £2.3bn in the first half of 2026, with buy-to-let activity still holding up even as landlords stayed cautious on new purchases. The lender said buy-to-let originations across the group increased 10 percent to more than £1bn.
The fresh point in the latest update is not simply that lending rose, but where the demand is coming from. Executives said landlord purchase activity remains limited, with borrowers being more selective about what they add and more focused on asset quality, while refinancing and portfolio management continue to dominate behaviour.
For landlords, that matters now because it suggests lender appetite is still there even if investor appetite is not broad-based. In other words, finance is available, but many landlords are using it defensively or selectively rather than chasing rapid expansion.
OSB sees resilience in buy-to-let lending despite cautious buyers
OSB’s 2026 interim results show group originations of £2.3bn for the first half, while buy-to-let lending passed £1bn. The OneSavings Bank segment recorded a sharper rise, but the Charter Court side saw buy-to-let volumes fall as the group continues to wind down parts of the old Precise buy-to-let business.
Landlord Knowledge has already charted the market’s shift toward refinancing through recent coverage showing that mortgage approvals are recovering but still below trend and that landlords remain focused on professional portfolio management. OSB’s update fits that pattern: landlords still look active, but much of that activity is about managing existing portfolios well rather than buying aggressively.
The useful line from management is that there is not a huge amount of purchase activity. That is a more grounded read than a simple top-line growth figure. It suggests the sector is still being supported by professional landlords refinancing, repositioning and concentrating on stronger stock.
Lender appetite is not the same as expansionary demand
That distinction matters. A lender can report rising originations while the market beneath it remains cautious. If landlords are mainly refinancing, switching products or selectively improving portfolio quality, volumes may look healthy without signalling a broad return to acquisitive sentiment.
This follows Landlord Knowledge’s reporting on finance markets stabilising faster than landlord confidence. The latest OSB figures suggest that better execution by lenders and brokers can still produce growth even while many landlords remain choosy about fresh purchases and more focused on debt structure.
There is still a practical positive here for investors with strong cases. A lender willing to keep product breadth in the market, while rivals retrench or re-segment brands, can create openings for landlords who know what they want to buy and why. But the fact that management itself highlighted limited purchase activity shows this is not yet a broad landlord buying story.
What this means for landlords
- If you are refinancing: lender competition is still supporting activity, especially for experienced borrowers with clear portfolio plans.
- If you are buying: expect lenders to back stronger, better-explained cases more readily than speculative expansion.
- Watch for: whether purchase demand improves in the second half or whether refinancing continues to carry the market.
- Bottom line: buy-to-let finance is functioning, but landlords are still choosing quality and control over speed.
Editor’s view
The headline growth figure is encouraging, but the more revealing message is buried underneath it. Lenders may be open for business, yet landlords are still behaving like careful balance-sheet managers rather than carefree buyers.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 6 August 2026
Sources: OSB Group
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