The average BTL landlord has an average of 6.5 individual loans, typically spread across just over two lender relationships, with an average total borrowing of £714,000 according to Pegasus Insight.

Rather than relying on a single mortgage product, many landlords are actively managing multiple borrowing arrangements, often with different terms, maturities and refinancing timelines.

Mark Long, managing director and founder of Pegasus Insight, said: “What stands out from the data is the degree to which landlord borrowing is structured across multiple products and lenders. For many, managing finance is no longer a one-off decision, but an ongoing process.

“What’s interesting here is not just the number of loans, but what that says about how landlords are operating. Managing multiple mortgages across different lenders requires a level of coordination and forward planning that simply wasn’t part of the model for many landlords historically.

“That creates both opportunity and exposure for borrowers. When financing is structured across several products, decisions in one part of the portfolio can have knock-on effects elsewhere, particularly around refinancing and cashflow timing.

“It also reinforces the importance of professional mortgage advice. As portfolios become more layered, landlords need a clear view across their borrowing, rather than treating each mortgage in isolation.”

The majority of landlords continue to rely on intermediaries when arranging buy-to-let finance, particularly those with larger portfolios or more complex borrowing structures, with 70% looking to start the remortgage process at least three months ahead of product maturity.