Buy to let maturities: what intermediaries need to know

The buy to let sector is moving through one of its heaviest maturity periods in recent years. While fixed rate mortgage maturities were concentrated between May and July, activity is expected to remain significant through the second half of 2026.

This creates both challenges and opportunities for intermediaries.

Updated 4 August

Why are there so many maturities now?

The volume of mortgages coming to an end this year is the direct result of borrowers who locked into five year fixes in 2021, when interest rates were at historic lows and the Bank of England’s base rate sat at 0.1%. With landlords increasingly opting for two year fixes, a greater proportion of the market is expected to reach maturity each year creating a more regular refinancing cycle.

Across the buy to let market, maturity activity is expected to remain significant throughout the second half of the year:

12% of the buy to let market is forecast to mature between July and December 2026 with the remortgage and product transfer market forecast to increase by 6% vs January to June 2026.

Percentages based on The Mortgage Works’ analysis of CACI’s Mortgage Market database, as at the end of May 2026.

This underlines the continuous level of refinancing activity intermediaries can expect throughout the rest of 2026.  

The buy to let market at a glance

The buy to let sector remains a key part of the UK mortgage market:

Gross buy to let lending was £33 billion in 2024, recovering after the previous year's slowdown.
This increased to £40 billion in 2025.
Prior to global conflicts, forecasts suggest it could rise to £44 billion in 2026, driven improved affordability and rising rents.

What does this mean for intermediaries?

The summer mortgage maturity wave has landed as the market continues to gain momentum with further refinancing activity expected across the second half of 2026. For intermediaries, this drives a competitive environment. Many landlords will consider switching if pricing, criteria, or service makes it worthwhile, particularly where they’re exiting lower rate deals.

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What should intermediaries consider?

Early engagement is essential This will reveal additional content

There is an increased focus on the importance of landlords starting their refinancing process well ahead of maturity, ideally 3 to 6 months in advance. This helps give them security with their investments, lock in a product and have the option to change it later if pricing improves.

Affordability pressures remain a key factor This will reveal additional content

Regulatory change adds complexity This will reveal additional content

It is important intermediaries consider the multiple regulatory pressures landlords are facing during this period:

Renters Rights Act changes came into effect in May 2026, creating uncertainty and potential cost implications. For more on average costs to upgrade and how more energy efficient properties can attract rental premiums see our latest buy to let report.
Ongoing pressure to improve EPC ratings, with three million rental homes needing upgrades to reach EPC C.

It is essential intermediaries factor these challenges into refinancing conversations, as they may influence whether landlords need to remortgage and borrow more in preparation for increased investments.

Regional rent dynamics matter This will reveal additional content

Product suitability is more important than ever This will reveal additional content

What are the top four drivers of landlord decisions?

The payment shock

Those coming off sub 2% deals will see notable increases. This is widely acknowledged as a key concern by landlords.
Yield strength and void risk

Higher mortgage costs mean yield analysis becomes central. Landlords may question:

• Can rents be increased without reducing tenant quality of increasing voids?

• Does the property still deliver an acceptable margin?

• Should the portfolio be rebalanced?
New regulations and compliance

Uncertainty around EPC requirements and timings, Renters’ Rights Act implementation, and changing local authority rules all contribute to decision making complexity.
The role of intermediaries: supporting landlords through a complex time

With maturity volumes peaking this year, intermediaries have a critical window to:

• Proactively identify clients approaching maturity

• Review affordability and rental coverage early

• Model scenarios across 2 year vs 5 year fixes

• Discuss regulatory and energy efficiency impacts

• Help landlords plan which lenders are best to support their clients over the medium term, not just securing the next deal

• The heightened level of market activity means landlords value clear guidance more than ever.

Conclusion: a flurry of challenge and opportunities

The months ahead represent a significant milestone for landlords and the buy to let sector.
Mortgage maturity activity is expected to remain significant across the second half of 2026, against a backdrop of tighter affordability, shifting regulation and a more competitive refinancing landscape.
For intermediaries, this is a chance to deliver quality advice at the moment when landlords need it most.

Looking ahead

While refinancing activity is expected to remain strong in 2026 the outlook suggests this increased activity is expected longer term.

In 2027, 35% of buy to let market balances are forecast to mature with the remortgage and product transfer market forecast to increase by 45% vs 2026.

Percentages based on The Mortgage Works’ analysis of CACI’s Mortgage Market database, as at the end of May 2026.

For intermediaries this highlights the importance of building early engagement strategies and maintaining regular contacts with landlord clients approaching maturity.

How we can help

The Mortgage Works remains committed to supporting you and your clients with competitive products, clear criteria, and specialist expertise throughout this busy period.

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