THE PROPERTY FILTER TAKE
A survey by specialist lender Together found 76% of buy-to-let (BTL) landlords plan to refinance within 12 months to fund portfolio expansion.
The opportunity is concentrated in the North - the North West, Scotland, and Yorkshire are gaining BTL lending share as London and the South East lose ground.
Consider stress-testing your refinancing figures against current interest coverage requirements before you approach a lender.
Three-quarters of landlords are not sitting on their equity. They are refinancing now to buy more property - and the North is where the numbers are working.
What the Survey Found
A survey by specialist lender Together found that 76% of buy-to-let landlords plan to refinance their existing properties within the next 12 months (Together, 2026). Buy-to-let - or BTL - refers to residential property purchased to rent out rather than to live in.
Of those planning to refinance, 36% described themselves as "very likely" to act and a further 40% as "somewhat likely" (Together, 2026). Only 12% said they were unlikely to refinance.
Refinancing means replacing an existing mortgage with a new deal - typically to release equity. Equity is the difference between a property's current value and its outstanding mortgage balance. Landlords use released equity to fund new purchases without selling existing stock.
Russell Anderson, chief strategy officer at Together, said the results show "continued activity in the buy-to-let sector despite regulatory changes, including the introduction of the Renters' Rights Act." The Renters' Rights Act is legislation passed in England to strengthen tenant protections. Anderson added that investors are "signalling confidence in future market opportunities" by choosing to reinvest rather than hold.
The North Is Gaining Ground
Here is the angle. Together's own BTL lending data shows a clear geographic shift between 2020 and 2025. The North West increased its share of the lender's BTL lending by 3.3 percentage points over that period. Scotland rose by 2 percentage points and Yorkshire and the Humber by 1.1 percentage points (Together, 2026).
Over the same period, the combined share of Greater London and the South East fell from 23.6% to 20% - a 3.6 percentage point decline (Together, 2026).
The reason is yield. Northern regions produce higher rental income relative to purchase price, compared to southern markets where entry costs are higher and gross returns are thinner. That matters directly for the ICR - the interest coverage ratio. ICR is the minimum multiple by which annual rental income must exceed annual mortgage interest. Most BTL lenders set that threshold at 125% or higher, depending on the product and the borrower's tax status.
Watch this area: if you are reviewing property investment strategies for 2026, the lending data is pointing north.
Stress-Testing the Numbers Before You Act
The 76% figure does not mean refinancing is straightforward. Rates have not returned to pre-2022 lows, and ICR stress tests can still rule out applications even where available equity exists.
Before speaking to a broker, you may wish to run your rental income and outstanding mortgage balances through a BTL stress test calculator. This shows whether your rent roll clears the ICR threshold at current product rates - before you commit to a lender conversation.
If your figures sit close to the limit, your broker may identify lenders with different ICR criteria or specialist products. For practical guidance on approaching lenders and negotiating mortgage terms, preparation before the first call makes a real difference to the outcome.
For investors deploying refinancing proceeds into new acquisitions, Property Filter's deal-sourcing software surfaces off-market and motivated-seller properties - including in the northern regions where BTL lending data now points.
Key takeaways
76% of BTL landlords surveyed by Together plan to refinance within 12 months; 36% are "very likely" to act (Together, 2026).
Only 12% said they are unlikely to refinance their existing holdings (Together, 2026).
The North West gained 3.3 percentage points of BTL lending share between 2020 and 2025; Scotland gained 2 points; Yorkshire and the Humber gained 1.1 points (Together, 2026).
Greater London and the South East combined saw their BTL lending share fall from 23.6% to 20% over the same five-year period (Together, 2026).
ICR stress testing is the essential calculation to run before approaching a lender in the current rate environment.
Three-quarters of landlords are not sitting on their equity. They are refinancing now to buy more property - and the North is where the numbers are working.
What the Survey Found
A survey by specialist lender Together found that 76% of buy-to-let landlords plan to refinance their existing properties within the next 12 months (Together, 2026). Buy-to-let - or BTL - refers to residential property purchased to rent out rather than to live in.
Of those planning to refinance, 36% described themselves as "very likely" to act and a further 40% as "somewhat likely" (Together, 2026). Only 12% said they were unlikely to refinance.
Refinancing means replacing an existing mortgage with a new deal - typically to release equity. Equity is the difference between a property's current value and its outstanding mortgage balance. Landlords use released equity to fund new purchases without selling existing stock.
Russell Anderson, chief strategy officer at Together, said the results show "continued activity in the buy-to-let sector despite regulatory changes, including the introduction of the Renters' Rights Act." The Renters' Rights Act is legislation passed in England to strengthen tenant protections. Anderson added that investors are "signalling confidence in future market opportunities" by choosing to reinvest rather than hold.
The North Is Gaining Ground
Here is the angle. Together's own BTL lending data shows a clear geographic shift between 2020 and 2025. The North West increased its share of the lender's BTL lending by 3.3 percentage points over that period. Scotland rose by 2 percentage points and Yorkshire and the Humber by 1.1 percentage points (Together, 2026).
Over the same period, the combined share of Greater London and the South East fell from 23.6% to 20% - a 3.6 percentage point decline (Together, 2026).
The reason is yield. Northern regions produce higher rental income relative to purchase price, compared to southern markets where entry costs are higher and gross returns are thinner. That matters directly for the ICR - the interest coverage ratio. ICR is the minimum multiple by which annual rental income must exceed annual mortgage interest. Most BTL lenders set that threshold at 125% or higher, depending on the product and the borrower's tax status.
Watch this area: if you are reviewing property investment strategies for 2026, the lending data is pointing north.
Stress-Testing the Numbers Before You Act
The 76% figure does not mean refinancing is straightforward. Rates have not returned to pre-2022 lows, and ICR stress tests can still rule out applications even where available equity exists.
Before speaking to a broker, you may wish to run your rental income and outstanding mortgage balances through a BTL stress test calculator. This shows whether your rent roll clears the ICR threshold at current product rates - before you commit to a lender conversation.
If your figures sit close to the limit, your broker may identify lenders with different ICR criteria or specialist products. For practical guidance on approaching lenders and negotiating mortgage terms, preparation before the first call makes a real difference to the outcome.
For investors deploying refinancing proceeds into new acquisitions, Property Filter's deal-sourcing software surfaces off-market and motivated-seller properties - including in the northern regions where BTL lending data now points.
Key takeaways
76% of BTL landlords surveyed by Together plan to refinance within 12 months; 36% are "very likely" to act (Together, 2026).
Only 12% said they are unlikely to refinance their existing holdings (Together, 2026).
The North West gained 3.3 percentage points of BTL lending share between 2020 and 2025; Scotland gained 2 points; Yorkshire and the Humber gained 1.1 points (Together, 2026).
Greater London and the South East combined saw their BTL lending share fall from 23.6% to 20% over the same five-year period (Together, 2026).
ICR stress testing is the essential calculation to run before approaching a lender in the current rate environment.
Frequently asked questions
Frequently asked questions
What does refinancing mean for a BTL landlord?
What is the ICR and why does it matter for BTL mortgages?
Why are landlords moving investment focus north?
Is the 76% refinancing intention a reliable market signal?
How do I check whether refinancing works for my portfolio?
