Landlords are managing increasingly complex borrowing arrangements, often across multiple mortgages and lender relationships.

That’s the takeaway from new research by Pegasus Insight.

Its Landlord Trends Q4 2025 data shows that landlords with buy-to-let borrowing hold an average of 6.5 individual loans, typically spread across just over two lender relationships. 

Average total borrowing stands at £714,000, reflecting the scale and structure of many modern rental portfolios.

This multi-loan, multi-lender approach highlights the operational complexity involved in managing property finance, particularly for landlords with larger or more diverse portfolios. 

Pegasus claims that rather than relying on a single mortgage product, many landlords are actively managing multiple borrowing arrangements, often with different terms, maturities and refinancing timelines.

The research also shows that landlords are taking a proactive approach to managing this complexity. 

Seven in ten began their most recent remortgage process at least three months ahead of product maturity, suggesting a high level of engagement with financing decisions.

The majority of landlords continue to rely on intermediaries when arranging buy-to-let finance, particularly those with larger portfolios or more complex borrowing structures.

A Pegasus spokesperson says:“What’s interesting here is not just the number of loans, but what that says about how landlords are operating. 

“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.

“It also reinforces the importance of professional mortgage advice. As portfolios become more layered, landlords need a clear view across their borrowing, rather than treating each mortgage in isolation.”