Landlords with buy-to-let mortgages are increasingly managing multiple loans across various lenders, reflecting a complex and layered approach to financing their property portfolios. Recent data reveals that the average landlord holds 6.5 mortgages spread over more than two lenders, with total borrowing reaching £714,000, highlighting significant exposure and the need for careful financial coordination.

Complex Borrowing Structures Among Landlords

According to Pegasus Insight’s Landlord Trends Q4 2025 report, borrowing is seldom concentrated with a single provider. Instead, landlords often hold a mixture of mortgage products, each with differing terms, maturity dates, and refinancing schedules. This layered finance arrangement demands ongoing management rather than a one-off decision.

Mark Long, founder and chief executive of Pegasus Insight, commented: “What stands out from the data is the degree to which landlord borrowing is structured across multiple products and lenders. For many, managing finance is no longer a one-off decision, but an ongoing process.”

He further explained the implications: “Managing multiple mortgages across different lenders requires a level of coordination and forward planning that simply wasn’t part of the model for many landlords historically. That creates both opportunity and exposure for borrowers. When financing is structured across several products, decisions in one part of the portfolio can have knock-on effects elsewhere, particularly around refinancing and cashflow timing.”

Challenges of Coordinating Multiple Loans

With borrowing spread across several lenders, landlords face increased demands in tracking repayment schedules, product expiries, and refinancing windows. This complexity requires careful timing and coordination to avoid financial strain or missed deadlines.

Evidence suggests that many landlords are proactive in managing these challenges. Seven in ten landlords reportedly began their most recent remortgage process at least three months before their current product matured, indicating preparation well in advance of refinancing deadlines.

Broker involvement remains significant, especially for landlords with larger or more complex portfolios. Intermediaries play a key role in navigating the intricacies of multiple lenders and products, helping landlords optimise their borrowing arrangements.

Beyond the Number of Loans: Assessing Portfolio Efficiency

While the number of loans is noteworthy, the broader question is whether the current borrowing structure effectively supports landlords’ long-term goals. Property118’s Landlord Sentiment Survey Q1 2026, which surveyed 2,380 landlords managing over 23,000 rental properties, reveals deeper trends beyond juggling multiple mortgages.

Many landlords now hold substantial equity, often with loan-to-value ratios below 50%, yet generate relatively modest income compared to the capital invested. This has led some to question whether their existing finance arrangements remain optimal or are simply the result of decisions made at different times without a cohesive strategy.

From Fragmented Borrowing to Strategic Portfolio Management

Consultancy work with landlords frequently uncovers portfolios where equity is underutilised, cashflow is lower than potential, and refinancing decisions have been made in isolation rather than as part of a comprehensive plan. One example involved a landlord with over £1 million in equity capable of being released through further advances but generating less than £35,000 in pre-tax profit annually. After detailed modelling, it became clear that cashflow could be significantly improved without increasing risk.

This scenario is increasingly common, underscoring the importance of viewing a property portfolio as a single business entity rather than a collection of individual properties and loans. Such a strategic approach can unlock financial efficiencies and better align borrowing with long-term objectives.

What this means for landlords

Landlords should recognise that managing multiple buy-to-let loans requires more than just keeping track of repayments. It demands active, strategic oversight to ensure borrowing structures are efficient and support overall portfolio goals. Early refinancing planning and professional advice, particularly from brokers, can mitigate risks and enhance financial performance.

Taking a step back to assess the entire portfolio holistically can reveal opportunities to optimise equity use, improve cashflow, and coordinate refinancing decisions. This approach helps landlords move from fragmented borrowing to strategic control, better positioning their portfolios for future growth and stability.

Source: Based on reporting from Property118

TLA Training Academy

The Landlord Association has launched its new Training Academy for UK landlords, providing structured guidance, compliance education, and practical knowledge to support landlords at every stage. Members can now complete the programme and become TLA Certified Landlords at no additional cost as part of their membership.

Landlords can explore the Academy here: https://landlordassociation.org.uk/tla-academy/

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TLA update

The Landlord Association is currently onboarding new service providers into its Trusted Partner Hub, a new initiative designed to support landlords, tenants, letting agents, and property managers with vetted, high-quality services. As one of the fastest growing landlord associations in the UK, TLA offers partners direct access to an engaged and active member base at the point of need. Service providers across legal, maintenance, insurance, finance, mortgages, tenant screening, and property services can register their interest here: https://landlordassociation.org.uk/become-a-tla-service-partner/