Buy-to-let remortgage activity has returned to a record high, with more than half of leveraged landlords refinancing or switching mortgage products over the past year, according to the latest Landlord Trends research from Pegasus Insight.

The survey found that 57% of leveraged landlords took out a new loan, remortgage or product transfer during the 12 months to June 2026, up from 47% in the previous quarter and matching the record level first reached at the end of 2025. By comparison, just 39% had refinanced two years ago.

Bethan Cooke, Director at Pegasus Insight, said: "Buy-to-let 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."

Refinancing continued to dominate lending activity. Remortgages and product transfers accounted for around 80% of recent mortgage transactions, while borrowing for new property purchases represented just 8%, indicating that refinancing rather than portfolio expansion is driving the buy-to-let lending market.

The research found that 62% of mortgaged landlords have seen a fixed-rate mortgage come to an end within the last two years. When their deal expired, 60% remained with their existing lender, while 29% switched to a different lender.

Landlords are also planning well ahead, with 64% arranging replacement finance between three and six months before their fixed-rate deal expired. Higher interest rates and difficulty securing competitive deals were identified as the biggest challenges when refinancing.

Looking ahead, 40% of landlords expect to remortgage or arrange a product transfer during the next 12 months. The figure rises to around half of portfolio landlords with four or more buy-to-let mortgages, who anticipate refinancing an average of 3.7 loans each.