Why 2026 is shaping up to be a defining year for buy-to-let advisers

Just a few months into 2026, it’s already clear this is a pivotal year for buy-to-let. A large wave of existing landlord borrowers is approaching product maturity, mortgage pricing has become meaningfully more competitive, and advisers are well placed to help clients navigate what is a very different market to the one they fixed into a few years ago.

That’s before factoring in the Renters’ Rights Act, which, while often discussed in terms of cost and compliance, may also create opportunities through increased property churn.

Taken together, the signals point towards a market that is adjusting rather than retreating with remortgaging at its core.

A refinance-led recovery

Industry data supports this view. IMLA estimates buy-to-let gross lending reached £39bn in 2025 and forecasts this to rise to £44bn in 2026 and £48bn in 2027. The majority of this activity is expected to come from remortgaging and product transfers rather than new purchases.

IMLA forecasts remortgage volumes of around £28bn this year, compared with £12bn of purchase lending. Purchase activity will follow, but refinancing is clearly driving momentum.

Our latest Landbay landlord survey, carried out at the end of December and start of January, reflects this. Many landlords are actively reviewing their options, reassessing affordability and considering how to strengthen portfolios in a changing regulatory and pricing environment.

Pricing has moved faster than sentiment

One of the most important dynamics shaping activity is the gap between where pricing is now and the deals many landlords are coming to the end of.

According to Twenty7tec, average buy-to-let two-year fixed rates currently sit around 5.19%, with five-year fixes at 5.54%. Our survey shows a significant proportion of landlords are still on rates above 5%, with many fixed at 6% or more during the peak of the market.

Today’s reality is different. Pricing has improved quickly, creating a healthier environment to refinance into. Lower monthly payments can improve cash flow, and for some landlords, improved affordability makes accessing equity more realistic again.

Remortgaging is about more than rates

For advisers, the remortgage conversation is about far more than chasing a lower rate. Landlords are thinking about ownership structures, future tax changes, portfolio growth and the cost of meeting new responsibilities under the Renters’ Rights Act.

Lower rates help support all of this. They create breathing space, allow landlords to plan ahead and, in some cases, fund measured portfolio expansion.

IMLA has also highlighted a less discussed consequence of the Renters’ Rights Act, potential increased property churn. Some smaller landlords may choose to exit, with properties more likely to be acquired by portfolio landlords. Even where purchases follow, remortgaging and equity release often sit behind those decisions.

Why adviser-led product transfers matter

Our survey also highlighted a key risk advisers need to be aware of. While around three-quarters of landlords said they would use the same adviser again, those who wouldn’t most often cited direct access to product transfers.

In a more competitive market, defaulting to a direct PT can mean missing out on wider choice, sharper pricing or options better aligned to longer-term plans. That’s why process matters. At Landbay, product transfers are adviser-only, keeping advisers at the centre of the conversation and ensuring speed doesn’t come at the expense of advice.

A year of opportunity

2026 is not a year of retreat. Pricing is more competitive, volumes are rising and landlords are engaged. Advisers who stay close to clients, review options early and clearly explain what is now achievable are well placed to deliver positive outcomes, for their businesses and for landlords alike.

If you want to discuss your plans for 2026 or have any questions then please reach out to your local BDM.