Buy-to-let remortgage activity has returned to a record high, as 57% of landlords with a mortgage refinanced in the 12 months to June, according to research from Pegasus Insight.

The latest Landlord Trends report found this was up 10 percentage points on the previous quarter, matching the record level first reached at the end of 2025 and well above the 39% recorded two years ago, Pegasus found.

Refinancing continues to dominate the market, with remortgages and product transfers accounting for around eight in 10 recent transactions.

By comparison, mortgages for new property purchases made up just 8% of activity.

The research found 62% of mortgaged landlords had seen a fixed-rate deal mature within the past two years.

Of those, 60% remortgaged with their existing lender, while 29% switched to a different lender.

Landlords are also planning well in advance, with 64% arranging a replacement deal between three and six months before their existing fixed rate expires.

Higher interest rates and difficulties finding competitive deals were cited as the main challenges when refinancing.

Looking ahead, 40% of landlords with borrowing expect to remortgage or arrange a product transfer over the next 12 months, covering an average of 2.5 loans each.

Among portfolio landlords with four or more buy-to-let mortgages, around half expect to refinance over the coming year, with an average of 3.7 loans each.

Two and five-year fixed rates were equally popular, while 28% of landlords had yet to decide on their next product.

The research also found two-thirds of landlords arranged their most recent buy-to-let mortgage through a broker, rising to three-quarters of portfolio landlords.

Pegasus Insight director Bethan Cooke says: “Landlords are 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.”