Pegasus Insight's latest landlord trends report points to the biggest buy-to-let remortgage pipeline in years
Almost half of the UK's portfolio landlords plan to refinance at least one mortgage in the next 12 months, according to Pegasus Insight's Landlord Trends report.
The Q3 2026 report, which surveyed 584 members of the National Residential Landlords Association (NRLA) between 20 September and 10 October 2026, found that 46% of landlords with four or more broker-led buy-to-let (BTL) mortgages intend to refinance. That group expects to do so across an average of 3.7 mortgages each — not a single deal, but a portfolio-level conversation.
Across all landlords with BTL borrowing, 38% plan to remortgage or complete a product transfer over the same period, with an average of 2.9 mortgages each. The scale here matters. This is not a handful of clients calling in as their deal expires. It is a significant volume of structured work, landing across brokers' desks at a time when BTL remortgage volumes have already risen 11.1% year-on-year in Q1 2026, according to UK Finance figures.
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Why now — and why it matters
The trigger is not difficult to identify. Many landlords locked in fixed-rate deals two to three years ago when rates were lower. Those deals are now expiring, and the refinancing pressure has been building throughout 2026, with UK Finance estimating approximately £49 billion worth of fixed-rate BTL mortgages maturing this year alone.
For most landlords, this is not a crisis — it is a scheduled review. The report found that 85% of landlords continue to make a profit from letting, with average rental yields holding steady at 6.4%. That profitability, combined with the refinancing volume, creates a specific type of opportunity: clients who are financially stable, actively managing their portfolios, and in need of professional advice on what comes next.
Grant Hendry, Director of Sales at Foundation, which commissioned the research, put it plainly: "The private rented sector continues to play a crucial role in the UK housing market, and these findings show that there is still a substantial number of landlords actively managing and investing in their portfolios. As operating conditions have changed, landlords have continued to show their resilience and ability to adapt, with the vast majority building diverse and profitable businesses."
What brokers should take from this
The mistake would be to treat these conversations as transactional. Portfolio landlords refinancing across nearly four mortgages each are not just looking for a better rate. They are deciding what their property business looks like in two or three years' time. That is where brokers who engage early have an advantage.
Hendry made that point directly: "For proactive advisers, the level of refinancing anticipated over the coming year represents a valuable opportunity to have those conversations early and to add value by understanding what clients are looking to achieve. Rather than an exit, this is increasingly focused on adjusting their strategy, restructuring their portfolio and expanding their reach."
Restructuring is a key word here. A growing portion of landlord activity involves moving from personal name ownership into limited company structures — a shift driven partly by tax changes over recent years. Those cases are rarely straightforward, and high street lenders frequently cannot accommodate the complexity.
Brokers operating in the specialist BTL space are increasingly central to these arrangements, acting as the link between complex client structures and lenders with the criteria to match.
The BTL market is not uniform
The report also captures a split in the landlord market worth understanding. While 44% of landlords say they plan to scale back lettings activity in the next 12 months, 5% intend to expand. That expansion appetite is concentrated among larger landlords — those with 11 or more properties — limited company operators, and those with four or more BTL mortgages. The professional tier of the market is not retreating. It is repositioning.
Hendry was clear on what that means for lenders and brokers: "The right funding remains absolutely crucial, particularly for larger portfolio landlords and those operating through limited companies, whose borrowing requirements can be more complex and may not always fit standard high street criteria. This is where a specialist lender like Foundation has an important role to play, providing the expertise, flexibility and range of options needed to support a broader range of property investors as their needs evolve."
For brokers, the practical implication is preparation. The pipeline is confirmed. The clients are there, and the cases — particularly at the portfolio end — will need careful structuring, early engagement, and lenders willing to look beyond standard criteria. The brokers best placed to capitalise will be those who reach out before the fixed rate expires, not after.
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