More than half of larger portfolio landlords expect to remortgage within the next 12 months, pointing to a busy refinance market even as many investors stay cautious about fresh expansion.
For landlords, the key point is not just the headline figure from Pegasus Insight but who is driving it. The data suggests better-capitalised operators are still reshaping borrowing across multiple properties, while smaller landlords remain far less active. That points to a market focused on restructuring debt and protecting margins rather than making aggressive new bets.
Portfolio landlords are driving refinancing activity
Research from Pegasus Insight’s Landlord Trends programme found 39 percent of landlords plan to refinance over the next year. Among those with four or more mortgages, that rises to 56 percent, compared with 24 percent of landlords holding one to three mortgages.
Those who expect to refinance said they are likely to remortgage an average of 2.7 loans each. For property investors, that matters because it suggests a meaningful block of existing business is likely to come back to market for brokers and lenders, even if purchase activity stays more subdued.
The split also says something more uncomfortable about the market. Bigger landlords usually have more flexibility to move debt around, absorb fees and wait for the right product. Smaller operators often do not. In practice, that means falling rates or wider product choice do not help every landlord equally – some are in a position to act, and others are still stuck managing higher borrowing costs.
Stable tenancies support the buy-to-let lending case
Pegasus also pointed to steady tenant demand and long tenancy lengths. Separate tenant research cited alongside the refinancing figures found renters have been in rented housing for an average of 8.2 years, with more than five years in their current home on average, while two thirds expect to stay put when their present agreement ends.
That stability matters for lenders because predictable occupancy supports rental income, especially for landlords trying to refinance more than one property. It also helps explain why buy-to-let credit is still moving even after months of political pressure around the Renters’ Rights Act and repeated warnings about tax and compliance costs.
This follows Landlord Knowledge’s recent report on landlord profitability, which found 84 percent of landlords said they were still making money in the first quarter and average yields held at 6.5 percent. Combined with Landlord Knowledge’s April coverage of rising borrowing costs, the latest refinancing data suggests landlords are not retreating from finance markets – but they are becoming more selective about how they fund their portfolios.
There is also a timing issue here. Landlords who refinance before any further regulatory or tax shifts can lock in certainty, while those who wait may end up making decisions under more pressure. That does not mean a refinancing surge automatically signals confidence. In many cases it may simply reflect the need to tidy up debt before the next round of policy change lands.
Why this matters for lenders and brokers
For lenders, the figures support the view that refinance demand should remain firmer than purchase demand in the near term. That fits with Landlord Knowledge’s recent report on broader mortgage choice and rate cuts, which showed lenders are still competing hard for landlord business through restored loan-to-value bands and sharper pricing.
For landlords, though, the bigger lesson is simpler. Access to finance is improving, but refinancing only works if the numbers still stack up after fees, stress tests and the extra compliance burden that now comes with running rental property. The landlords most likely to move first are the ones with enough scale to treat refinancing as portfolio management, not a last-minute rescue job.
What this means for landlords
- If you’re a portfolio landlord: review refinance dates across the whole portfolio early, because lenders are competing for business and timing may matter as much as headline rate.
- If you hold one to three mortgages: check whether product fees, stress tests and legal costs still justify a switch before assuming lower rates make remortgaging worthwhile.
- Watch for: further lender repricing and any new policy announcements that could affect affordability checks or long-term returns.
- Bottom line: remortgaging activity is building, but it is being led by landlords with the scale and flexibility to move on their own terms.
Editor’s view
Remortgaging is often treated as a sign of renewed landlord confidence. This set of figures looks more hard-headed than upbeat. Bigger landlords are still active, but the gap with smaller operators shows that access to opportunity in buy-to-let remains uneven.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 16 May 2026
Sources: Pegasus Insight Landlord Trends
Related reading: Landlord confidence firms as 84% stay profitable
