Buy-to-let (BTL) remortgaging activity has climbed back to a record high, with 57% of leveraged landlords taking out a new loan, remortgage or product transfer in the 12 months to June, according to Pegasus Insight.

The figure is up from 47% in the previous quarter and matches the peak recorded at the end of 2025.

Refinancing continues to dominate the market, with remortgages and product transfers accounting for around 80% of recent mortgage transactions. By comparison, borrowing for new property purchases made up just 8% of activity.

The research also found that 62% of mortgaged landlords had seen a fixed-rate deal expire within the last two years, creating a significant pool of borrowers entering the refinancing market.

Among those whose deals had matured, 60% chose to remain with their existing lender through a product transfer, while 29% switched providers, highlighting ongoing opportunities for lenders to attract customers as fixed-rate mortgages come to an end.

Landlords are also planning ahead when it comes to refinancing, with nearly two-thirds starting the process between three and six months before their existing deal expires.

However, many continue to face challenges, with higher interest rates and difficulties securing competitive mortgage products cited as the biggest obstacles.

Looking ahead, 40% of landlords expect to remortgage or arrange a product transfer over the next year, rising to around half of portfolio landlords with four or more BTL mortgages. Fixed-rate products remained the preferred choice, with two-year and five-year deals equally popular.

Mortgage intermediaries continued to play a key role, with two-thirds of landlords using a broker for their most recent BTL loan, rising to three-quarters among portfolio landlords.

Bethan Cooke, director at Pegasus Insight, said: "BTL 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. 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.

"For intermediaries, the picture is an encouraging one. Portfolio landlords in particular are managing multiple loans on different timelines and clearly value advice, and with deals maturing month after month, brokers who stay close to those clients as their fixed rates approach expiry are well placed to help them find the right deal."

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