More than three-quarters of buy-to-let landlords intend to refinance their property portfolios within the next year to fund additional acquisitions, according to research from specialist lender Together.
The survey revealed that 76% of landlords are likely to refinance in the next 12 months, with 36% describing themselves as “very likely” to do so and a further 40% “somewhat likely”. Only 12% said they were unlikely to refinance their holdings.
Regional investment shift
Together’s buy-to-let lending data shows a geographical shift in investment activity, with landlords increasingly targeting northern England and Scotland. Between 2020 and 2025, the North West increased its share of the lender’s buy-to-let lending by 3.3 percentage points, while Scotland’s share rose by two percentage points and Yorkshire and the Humber by 1.1 percentage points.
The combined share of lending in Greater London and the South East fell from 23.6% in 2020 to 20% in 2025, reflecting the ongoing trend of changing affordability dynamics across English and Welsh markets.
Russell Anderson, chief strategy officer at Together, said the findings demonstrate continued activity in the buy-to-let sector despite regulatory changes, including the introduction of the Renters’ Rights Act. “Rather than sitting on existing assets, many investors are looking to release equity and reinvest, signalling confidence in future market opportunities,” he stated.
Market context
The refinancing trend emerges as the sector navigates ongoing affordability concerns and a shifting economic environment. Anderson noted that investors continue to be attracted by locations where affordability, rental demand and long-term growth prospects align.
The data suggests landlords are not only planning portfolio expansion but are also willing to look beyond traditional investment locations in search of stronger returns, with northern regions offering higher rental yields compared to southern markets.
