New data from Twenty7tec reveals that while landlords are holding steady on new property purchases, many are now turning their attention to remortgaging instead.

Buy-to-let purchase searches are down 13.67% year-on-year, while remortgage searches have risen by 6.05%. After a period of strong activity over the past five years – including a peak in September 2022, when buy-to-let made up 21% of all mortgage products – landlords appear to be focusing on protecting existing portfolios rather than expanding them.

Nakita Moss, Head of Lender Relationships at Twenty7tec, says: “We’re seeing a clear behavioural shift as landlords respond to higher borrowing costs and tighter yields. More landlords are focused on refinancing rather than expanding, taking advantage of stabilising rates to secure long-term certainty. The era of portfolio growth has paused – for now it’s about resilience and risk management.”

According to Twenty7tec’s latest October data, buy-to-let purchases now make up 33.1% of all landlord searches – meaning two-thirds of current activity relates to remortgaging. 

Across the broader mortgage market, Twenty7tec reported a record 28,835 products live at the end of October – the highest ever recorded – signalling confidence among lenders even as purchase demand slows ahead of the Autumn Budget.

For first-time buyers, searches have fallen to their weakest point this year (297,387), underlining a cautious sentiment across the board as borrowers await economic clarity.

Landlords will also be watching closely for any movement on property taxation, stamp duty thresholds and rental market incentives. After years of changing regulation and reduced tax relief, many will see this as a key moment to rebuild confidence in the sector.

Back in 2024, the Autumn Budget’s biggest headline for landlords was an increase to the additional stamp duty rate – known as the “higher rate surcharge” – applied to second homes, investment properties and purchases made by corporate investors. The surcharge rose from 3% to 5%, taking effect from 31 October 2024.

In the months that followed, buy-to-let transactions fell sharply, down 9.36% in November compared with the previous month and a further 35.28% in December – highlighting just how sensitive the market is to change.