The research amongst 837 landlords during Q4 2025, shows one in three landlords sought new finance, refinancing or a product transfer in the last 12 months.

Among landlords with buy to let borrowing in place, this rises to six in ten.

On average, landlords with borrowing now hold 6.5 individual buy to let loans across more than two lender relationships, with total average borrowing standing at £714,000 and an average LTV of just under 50%.

Seven in ten landlords used a broker to arrange their most recent mortgage, with most starting the process at least three months ahead of their deal ending.

Foundation said this highlighted a landlord borrower base planning earlier, relying heavily on advice, and seeking specialist support to manage risk and affordability in a changing market.

The research also shows limited company and portfolio landlords continue to behave very differently from smaller, individual landlords. Limited company landlords hold far larger portfolios on average, are more likely to use buy to let finance, and are more active in refinancing and rent reviews. They’re also significantly more engaged with regulatory change.

Concerns around the Renters’ Rights Act now sit firmly at the centre of landlord decision-making. Three-quarters of landlords are aware of the legislation, an increase of 8% on the previous quarter, with awareness highest among portfolio and limited company landlords. Around 75% believe the Act will have a negative impact on their own lettings activity, while 84% expect it to have a negative impact on the private rental sector as a whole.

Potential delays in the court system for regaining possession have become the single biggest concern for landlords, overtaking energy efficiency requirements and tax changes. Many landlords also said elements of the Renters’ Rights Act were influencing decisions on planned rent increases, alongside higher running costs and tax pressure.

Despite this, profitability across the sector remains resilient. Some 85% of landlords still report making a profit from their lettings activity, although this has eased slightly from the previous quarter. Average rental yields now stand at 6.4%, down marginally from 6.6% in the last quarter, but still strong by historic standards.

However, future intentions data points to a potentially more cautious outlook. Nearly half of landlords now plan to sell at least one property in the next 12 months, while just 5% intend to buy. Foundation said this reflects portfolio reshaping rather than panic, with larger and more established landlords far more likely to remain active and engaged.

Commenting on the latest research Foundation director of sales Grant Hendry said:“While confidence has softened slightly, the underlying behaviour of professional landlords remains very clear. They’re still borrowing, refinancing and seeking advice in significant numbers, and they’re doing so earlier and more carefully than before.”

He added: “Concerns around possession, court delays and future regulation are clearly shaping landlord behaviour, particularly for smaller operators. However, professional landlords continue to adapt their strategies and remain focused on long-term sustainability.