Buy-to-let landlords have an average of 6.5 mortgages with multiple lenders in an increasingly complex market, according to analysis by Pegasus Insight.
The average mortgage debt for landlords now stands at £714,000, which is typically split between at least two different lenders, the Pegasus Q4 2025 report shows.
Rather than relying on a single mortgage product, many landlords manage multiple loan agreements, often with different terms, terms and refinancing terms.
The research also shows that landlords are proactive.
Seven in ten started their most recent remortgage process at least three months before the product’s expiration date.
The majority of landlords continue to rely on brokers to arrange financing, especially those with larger portfolios.
The findings come as separate data from UK Finance today showed buy-to-let lending jumped in the fourth quarter, driven by remortgaging by landlords.
Pegasus Insight founder Mark Long says: “What stands out from the data is the extent to which landlords’ loans are structured across multiple products and lenders.
“For many, managing finances is no longer a one-time decision, but an ongoing process.
“What’s interesting here is not just the number of loans, but also what that says about how landlords operate.
“Managing multiple mortgages with different lenders requires a level of coordination and forward planning that historically simply has not been part of many landlords’ model.
“That creates both opportunities and risks for borrowers. When financing is structured across multiple products, decisions in one part of the portfolio can have a knock-on effect elsewhere, particularly in terms of refinancing and cash flow timing.
“It also reinforces the importance of professional mortgage advice. As portfolios become more layered, landlords need a clear view of their loans, rather than dealing with each mortgage individually.”
Moneyfactscompare financial expert Rachel Springall says landlords face challenging times as profitability is under pressure.
She points to today’s UK financial data showing that repossessions of buy-to-let properties are up 10% year-on-year.
Springall says: “The cost of living is forecast to worsen in the coming months, and this will be exacerbated if landlords have to move away from cheap fixed rates as mortgage rates have risen.
“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 per year.
“This is based on a loan of £250,000, over 25 years at 5.45%, up from 4.66% at the start of March 2026.
“Normally, 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 don’t have reliable tenants to cover mortgage costs, a property portfolio can become a huge financial burden.”
She added: “Rising costs this year could lead to higher rent payments for tenants, or a drop in the number of properties available to rent if landlords decide to sell.”