New data reveals shift from property acquisition to rate locking among landlords.

Faced with rising costs and tightening regulation, landlords are prioritising financial resilience over portfolio growth. New data from a mortgage technology platform reveals a 13.7% annual drop in buy-to-let purchase searches, while remortgage activity has climbed 6%.

Refinancing now accounts for nearly two-thirds of landlord mortgage searches, as investors seek to lock in competitive rates and shore up their positions amid weaker rental yields and mounting uncertainty.

The firm attributes the shift to elevated borrowing costs, declining returns, and ongoing ambiguity surrounding the Renters’ Rights Bill—factors that are reshaping investor behaviour across the sector.

Head of Lender Relationships at the platform, 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.”

Its Commercial Director, adds: “The figures suggest a market in transition: steady, active, and cautious. Landlords appear to be locking in rates while they can, signalling confidence in the long-term rental market but restraint when it comes to expansion.”

A mortgage and remortgage broker claims: “I have seen a bit of a slowdown in buy-to-let purchases, but people are still investing, just not at full speed. They’re being more calculated with their choices.

“I completely agree that landlords are focusing on remortgaging as fixed rates come to an end. They’re working hard to make their portfolios perform as efficiently as possible. The smaller, back-room landlords have definitely taken a hit over the past few years.