Landlords with borrowing are managing an average of 6.5 individual buy-to-let loans across just over two lender relationships, underlining the increasingly complex funding structures behind many rental portfolios.

Research from Pegasus Insight’s Landlord Trends Q4 2025 data found average total borrowing among landlords with buy-to-let finance stands at £714,000.

The figures point to a market in which many landlords are no longer relying on a single mortgage product or lender, but are instead overseeing multiple facilities with differing terms, maturity dates and refinancing deadlines.

Pegasus Insight said the pattern was particularly notable among landlords with larger or more varied portfolios, where borrowing is often spread across a number of products and providers.

The research also suggests landlords are taking a more active approach to managing those arrangements. Seven in 10 said they started their most recent remortgage process at least three months before their product matured, indicating that many are planning ahead rather than waiting until the last minute.

The findings also underline the continued role of brokers in the buy-to-let market. Pegasus Insight said most landlords still use intermediaries when arranging finance, particularly those with larger portfolios or more complicated borrowing structures.

Mark Long, managing director and founder of Pegasus Insight, said: “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.”