A period of significant buy to let maturities: what intermediaries need to know

The buy to let sector is heading into one of the most maturity heavy periods seen in recent years. As we move into May, June and July, a substantial wave of fixed rate buy to let mortgages are due to expire. 

This presents both challenges and opportunities for intermediaries who support buy to let clients.

1. 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 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 mortgage market

The buy to let sector remains a material component of the UK mortgage market:

Gross buy to let lending was £34 billion in 2024, recovering after a contraction the previous year.
And rose again to £42 billion in 2025. Prior to escalation in global conflicts, forecasts expect this to rise to £44 billion in 2026, the rise quoted as being supported by improved affordability and rising rents.

This means the summer maturity surge is arriving in a market increasing in momentum.

2. Landlord behaviour to maturities: will customers stay put?

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.

3. What intermediaries need to consider

Early engagement is essential

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

Many landlords are moving from sub 2% rates (typical of 2021) onto significantly higher ones. Stress testing remains tough, particularly on lower yielding properties. Improved affordability is forecast to help but not uniformly across all portfolios. 

Regulatory change adds complexity

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

• Renters Rights Act changes coming into effect in May 2026, creating uncertainty and potential cost implications.
• 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

Rents continue to rise, but this is uneven. Landlords may face limits on rent increases depending on local demand, this will impact stress test outcomes and affordability. 

Product suitability is more important than ever

The choice between 2 year and 5 year fixes hinges on:

• business planning
• yield stability
• expectations for base rate movements
• tolerance for payment fluctuation

Intermediaries are critical in helping landlords navigate this.

4. What are the top four points landlords are focusing on in their decision making

Landlord priorities are shifting as the market becomes more challenging for them. Landlords facing into maturities during this spike are expected to be weighing up:

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 or 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.

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

If you would like tailored support or to discuss a specific case, please speak to your BDM at The Mortgage Works.

For adviser use only. Please note this content has been supplied by our lender partner and as such, is their responsibility. No party shall have any right of action against Legal & General in relation to the accuracy or completeness of the information in this article.