The buy-to-let market has rarely stood still in recent years, but 2026 has already delivered more twists and turns than any of us could have anticipated when the year kicked off.
Product withdrawals, swap rate volatility, changing expectations around Bank Base Rate and wider economic uncertainty have all contributed to a market that has often felt difficult to predict from one week to the next.
Yet, amid all that volatility, one area of the market has remained consistently active and continues to present a major opportunity for advisers: refinancing.
While purchase activity has inevitably slowed in some parts of the market as landlords take a more cautious approach to expansion, refinancing existing borrowing is becoming the key focus for many property investors through the rest of this year and beyond.
LARGE VOLUMES OF DEALS ARE STILL DUE TO MATURE
Recent UK Finance figures for Q4 2025 showed buy-to-let activity strengthening, particularly within the remortgage sector, with much of the growth concentrated around landlords refinancing existing loans rather than purchasing new properties.
That trend has carried through into 2026, even during periods where the wider mortgage market has appeared subdued. Indeed, recent market analysis has continued to show buy-to-let refinancing remains resilient, underlining the fact landlords still need to review, replace and restructure borrowing regardless of wider market sentiment.
This should not really come as a surprise. Large numbers of landlords are now approaching the end of deals arranged during very different market conditions, and that means advisers should already be speaking to clients whose products mature later this year.
Those with mortgages ending in the autumn months, particularly September, October and November, need to be reviewing options now rather than waiting until the final few weeks of their current deal.
PREPARATION MATTERS MORE IN VOLATILE MARKETS
One of the biggest lessons from the first half of 2026 is that markets can move very quickly. We have seen periods where we as lenders needed to reprice, products unfortunately had to be withdrawn at short notice, and advisers had to move rapidly to secure terms for clients.
Thankfully, recent weeks have delivered greater stability and a more settled pricing environment, but that should not lead anyone into complacency because the underlying pressures within the economy have not disappeared. Add to this the potential for political upheaval and there is still plenty of scope for quick shifts.
For advisers, that means getting ahead of refinancing requirements early, understanding landlord objectives well in advance, and making sure clients are prepared to act when the right products are available.
This is particularly important for portfolio landlords, many of whom may be refinancing multiple properties over the next 12 months and will need a joined-up approach rather than a series of disconnected transactions.
NOT EVERY LANDLORD FACES THE SAME OUTCOME
There has understandably been plenty of focus on the higher cost of borrowing, especially compared to the ultra-low rates many landlords became accustomed to five or so years ago.
However, it is important advisers avoid assuming every client is facing the same level of payment increase because of course much depends on when the existing mortgage was originally secured and whether the landlord is looking to raise additional borrowing.
For some landlords coming off shorter-term deals agreed in the past couple of years, particularly those refinancing on a like-for-like basis, there may still be opportunities to secure competitive pricing and potentially reduce monthly costs compared to their current arrangement.
Others exiting five-year fixes agreed at historically low rates may experience an increase in payments and will require more detailed conversations around affordability, rental cover and longer-term strategy.
That is where advisers add real value because refinancing today is not simply about replacing one rate with another. It is about helping landlords understand how different fee structures, product types and repayment approaches affect overall portfolio performance.
THE ROLE OF PRODUCT TRANSFERS
The refinancing discussion also naturally includes product transfers, which continue to represent an important option for many landlord borrowers. For some clients, particularly those prioritising speed, simplicity and reduced administration, staying with an existing lender may prove the right solution, especially where pricing remains competitive.
Equally, advisers should still assess the wider market carefully because full remortgage opportunities may offer greater flexibility, improved criteria or better long-term value depending on the landlord’s circumstances.
This is not an either-or conversation. Product transfers and remortgages both have a place within the adviser toolkit and the right outcome will depend on the client’s objectives, portfolio position and appetite for change.
REFINANCE WILL CONTINUE TO DRIVE THE MARKET
While headlines often focus on a perceived dip in purchase activity, refinancing is increasingly becoming the engine room of the buy-to-let market and that looks unlikely to change any time soon.
Landlords are still committed to the sector, tenant demand remains strong in many areas of the country, and advisers who maintain regular contact with clients will be best placed to help them manage borrowing effectively through changing market conditions.
