Portfolio landlords are most likely to switch lenders as their fixed rates expire, research from Pegasus Insight found.
Over two-thirds of landlords who refinanced kept their existing lender, with one in three remortgaging and one in three taking a product transfer.
One in four switched to a different lender, rising to 37% among landlords with 11 or more properties, showing larger portfolio holders were more likely to look elsewhere.
Most landlords, 64%, said they faced no problems at the end of their fixed term.
Of those who did, higher interest rates, higher fees and valuation issues were the main challenges.
The majority started looking for a new deal three to six months before the fixed rate ended, though those who stayed with the same lender tended to leave it later.
Looking ahead, 40% of leveraged landlords said they would remortgage or take a product transfer within the next year.
This went up to 53% for those with four or more buy-to-let (BTL) mortgages.
On average, landlords planned to refinance 2.4 loans each, with larger portfolio holders averaging about three loans.
For those planning to refinance, the top priorities were competitive interest rates, low upfront fees and the ability to repay early without penalty.
Most properties would be refinanced in a personal name, with 22% through a limited company.
Bethan Cooke, director at Pegasus Insight, said: “The expiry of fixed rates has created a refinancing flashpoint, particularly for portfolio landlords faced with multiple mortgages maturing within a short timeframe.
“These landlords are pragmatic and commercially focused; the data suggests that they are more likely to seek out competitive terms from new lenders, weigh up incorporation strategies and look for support managing their refinancing pipeline efficiently.
“Refinancing is not just a transactional moment, it’s a strategic inflection point for many landlords.”
Cooke added: “With margins under pressure and confidence still fragile, landlords are thinking carefully about their costs and looking for product flexibility.
“For portfolio landlords in particular, this is about streamlining complexity and making their finance work harder.
“That’s where brokers can add real value, not just in sourcing deals, but in helping landlords structure their borrowing for the long term.”
