Buy to let maturities: what intermediaries need to know

The buy to let sector is entering one of its heaviest maturity periods in recent years, with a wave of fixed rate mortgages expiring between May and July.

This creates both challenges and opportunities for intermediaries.

Why are there so many maturities now?

The volume of mortgages coming to an end this summer is not accidental. It 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%.

Across the wider UK mortgage market:

1.8 million mortgage deals are expected to expire in 2026. In value terms that’s £49 billion relating to buy to let.
UK Finance confirms a busy cycle of refinancing ahead, with fixed rate maturities contributing to a forecast rise in external remortgaging and product transfers in 2026.

This underlines the sheer scale of activity intermediaries can expect this year.

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 £34 billion in 2024, recovering after the previous year's slowdown.
This increased to £42 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 upcoming summer mortgage maturity wave will land while the market is gaining momentum - creating opportunities for intermediaries.

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Will landlords stay or switch?

Recent forecasts offer insight into how customers behave at maturity:

UK Finance expects a 10% rise in external remortgaging and a 2% rise in Product Transfers in 2026, suggesting many borrowers will actively compare options
Prior to the effects on markets as a result of global conflicts the industry was anticipating that remortgaging is set to grow, with landlords encouraged to engage early to secure favourable terms. The recent market changes are only likely to compound this further.

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.

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 May to July, 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 maturities spike across May, June and July 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.

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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