Landlords’ average mortgage debt is now £714,000, which is typically spread across at least two different lenders, the Pegasus Q4 2025 report shows.

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

The research also shows that landlords are taking a proactive approach.

Seven in ten began their most recent remortgage process at least three months ahead of product maturity.

The majority of landlords continue to rely on brokers when arranging finance, particularly those with larger portfolios.

The findings come as separate data from UK Finance today showed buy-to-let lending jumped in Q4 driven by landlords remortgaging.

Pegasus Insight founder Mark Long says: “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.”

Moneyfactscompare finance expert Rachel Springall says that landlords are facing challenging times ahead as profitability is being squeezed.

She points to today’s UK Finance data showing repossessions of buy-to-let properties are up by 10% year on year.

Springall says: “In the months ahead, the cost of living is predicted to worsen, and this will be magnified if landlords are due to come off a cheap fixed rate, because mortgage rates have been rising.

“Those who were to take out a mortgage now compared to the start of last month will face higher repayments of around £1,300 more a year. 

“This is based on a borrowing of £250,000, over 25 years at 5.45%, versus 4.66% at the start of March 2026.

“Typically, landlords would spend time building up a decent-sized property portfolio to receive a good return on their investment over the years.

“However, if they do not have dependable tenants to cover mortgage costs, a property portfolio can turn into a huge financial burden.”

She adds: “Rising costs this year could lead to higher rental payments for tenants, or a drop in the pool of properties available for rent if landlords decide to sell up.”