More than half of landlords, or 57%, told the buy-to-let lender they plan to choose a five-year fixed rate when they come to remortgage – but a fall from 71% this time last year.  

In the last year, landlord preferences have shifted with greater interest around two-year fixes – the preferred choice for 29% of landlords. This is up from two-in-ten in 2024. 

It adds that tracker mortgages have also grown in preference, with 8% of landlords set to choose this option, “perhaps reflecting expectations around interest rates”. 

This is an increase from 3% in 2024, but still not as high as 2023, when 14% of property investors made this their preference.  

Longer-term fixes of seven or 10 years are unchanged from a year ago, with 6% of landlords opting for these terms as their preferred pick. 

Among landlords choosing five-year fixes, the largest group, 29%, is made up of landlords with portfolios between four and 10 properties — closely followed by those with between 16 and 30 rental properties, at 26%.

Among BTL investors looking for a medium-term fix, the majority of their portfolios can be found in London and the South East.

Landbay sales and distribution director Rob Stanton says: “While the data has shown an increase in interest around tracker mortgages as some landlords look to ride the wave of potential interest rate cuts, the overwhelming majority continue to favour the stability and certainty of a fixed-rate mortgage.  

“Above all, it serves as a reminder of why it’s important that lenders offer a broad range of options to enable brokers to best support those landlords set to refinance. 

“While the conversation around mortgage maturity continues to centre around the residential market, we cannot overlook how much of a factor this is in the BTL sector too.  

“While those with shorter-term fixes may be set for some relief this year, we cannot forget those set to come off more favourable deals and a time of higher operating costs for landlords.”