Buy to let mortgage rates cut across lenders

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Property118

Buy to let mortgage rates cut across lenders

Several lenders have cut buy to let mortgage rates and expanded product ranges, with changes spanning five-year fixes, trackers and short-term let deals.

Fleet Mortgages has reduced pricing by 20bps on its 3% fee, 75% LTV five-year fixed products across standard, limited company and HMO and MUFB ranges.

Rates now stand at 5.04% for standard and limited company borrowing and 5.49% for HMO and MUFB.

Alongside the cuts, the lender has reintroduced a wider set of five-year fixed options.

These include zero-fee and £3,999 fee products, with standard and limited company pricing at 5.69% and 5.39% respectively.

Equivalent HMO and MUFB options start from 6.14% for zero-fee and 5.79% for the £3,999 fee.

Fleet lowers rates

Fleet has also launched three two-year product transfer tracker products across all ranges.

Standard and limited company trackers are priced at Bank Base Rate plus 0.5%, currently 4.25%, while HMO and MUFB products are set at BBR plus 1.15%, currently 4.90%.

Each carries a 2.5% completion fee.

The lender’s chief commercial officer, Steve Cox, said: “Some landlords are looking for longer-term certainty and are comfortable paying for that through a fixed fee, while others are more focused on managing initial outlay or retaining flexibility.

“That is why maintaining a range that works across those different needs is key, particularly when market conditions remain changeable.”

CHL revamps BTL range

CHL Mortgages has cut rates by up to 25bps on short-term let products and by up to 10bps across its limited edition buy to let range.

Limited edition deals for single dwellings now start at 2.85%, rising to 2.95% for HMO and MUFB properties with up to six bedrooms or units.

Short-term let products, including holiday lets and serviced accommodation, now begin at 3.46%.

The range is open to individual and limited company landlords, with fee options, up to 80% LTV and free valuations on selected short-term let products.

Roger Morris, the distribution director for CHL, said: “The reductions reflect our focus on delivering greater value for landlords while giving them the opportunity to diversify their portfolios and explore other investment opportunities.”

Darlington BS cuts BTL rates

Darlington Building Society has reduced rates across its buy to let range, with selected products cut by up to 50bps.

Its five-year fixed standard product at 80% LTV is now priced at 5.49%, down from 5.99%.

Darlington’s head of mortgage distribution, Chris Blewitt, said: “We have focused on making meaningful reductions where we know there is demand, particularly within buy to let and higher LTV residential lending.

“As always, the aim is to remain consistent in how we approach lending, with a common sense view on cases and a willingness to look at scenarios that may not fit a more automated approach.”

Leeds BS is pick of the week

A two-year fixed BTL deal from Leeds Building Society at 60% LTV has been highlighted in the latest Moneyfactscompare.co.uk’s ‘Pick of the Week’.

The product is priced at 4.79% until 31 July 2028 with a £1,499 fee, and includes a free valuation and support with remortgage costs.

Caitlyn Eastell, a personal finance analyst at the platform, said: “The two-year option at 60% loan-to-value takes a prominent position as a best buy and is priced at a competitive 4.79% until 31 July 2028.

“Landlords looking to save on upfront costs may be pleased to note that the £1,499 product fee is offset by its attractive incentive package which includes a free valuation for both second time and remortgage customers, however, remortgage customers could also receive help towards costs.”

Aldermore’s new BTL fees

Aldermore has also reduced fixed rates by 0.20% across its buy to let range and reintroduced a wider selection of fee structures.

New two- and five-year fixed products are available from 3.99%, with multiple options at 75% and 80% LTV.

Products include a two-year fixed at 75% LTV with a 3% fee at 4.99%, and a five-year fixed at 75% LTV with a 7% fee at 4.84%.

Additional five-year options include a 1.5% fee product at 5.94% and an £1,999 fee version at 6.14%.

For portfolio landlords, rates start from 3.94% following the same 0.20% reduction, with new five-year fixed options including a 7% fee product at 4.79% and a 1.5% fee version at 5.89%.

Existing borrower product switch rates have also been reduced, with two-year fixes starting from 6.79%.

New five-year fixed zero-fee products are available at 70% and 75% LTV at 6.54%, and at 85% LTV at 7.04%.

Aldermore’s director of mortgages, Jon Cooper, said: “Our latest rate reductions, alongside the reintroduction of discount products and a broader range of fee options, are designed to help brokers support their clients in a changing market.”

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Landlords prioritising income stability over capital growth

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Property118

Landlords prioritising income stability over capital growth

A subtle but important shift is emerging in how landlords view the purpose of their portfolios. According to the Property118 Landlord Sentiment Survey Q1 2026, many landlords are now focusing less on expanding capital values and more on maintaining stable, reliable income.

Based on 2,380 completed responses, with an average portfolio size of 9.7 properties and generally low levels of borrowing, the data suggests that landlords are increasingly operating from positions of financial maturity. You can review the full findings here.

The implication is clear: priorities are shifting.

From growth mindset to income mindset

Earlier stages of portfolio building are often driven by capital growth. Acquisition strategies, refinancing and leverage are typically used to expand holdings and increase long-term value. Over time, as portfolios mature and equity builds, the focus naturally begins to change. The survey data reflects this evolution.

Many landlords are no longer actively seeking to grow their portfolios. Instead, they are concentrating on how those portfolios perform as income-generating assets.

Stability becomes the objective

With lower loan-to-value ratios and significant equity, landlords are less exposed to short-term market fluctuations.

This allows for a different approach. Rather than pursuing additional acquisitions, landlords can prioritise:

• consistent rental income
• reduced financial risk
• predictable cashflow

This aligns with other findings from the Property118 dataset, including a limited appetite for expansion and a growing tendency to hold or reduce portfolios.

Why this matters for market behaviour

A shift towards income stability influences how landlords behave within the market. If the primary objective is reliable income rather than capital growth, there is less incentive to take on additional borrowing or pursue new acquisitions. This can reduce demand within the investment segment of the housing market. At the same time, landlords may be more selective about which properties they retain, focusing on those that deliver consistent performance.

A more conservative phase

The data suggests that the sector is entering a more conservative phase. Landlords are not necessarily disengaging, but they are becoming more cautious and more selective. Decisions are increasingly guided by long-term income considerations rather than growth ambitions. This reflects a broader shift in mindset, one that aligns with the demographic profile of the sector and the maturity of many portfolios.

A different definition of success

As priorities change, so too does the definition of success. For many landlords, success is no longer measured by the number of properties owned or the rate of expansion. Instead, it is defined by the ability of the portfolio to provide stable, sustainable income over time.

For now, one conclusion stands out: landlords are increasingly focusing on what their portfolios deliver, not just what they are worth.

A conversation worth having?

If you are weighing up your own strategy, whether that’s to sell, expand, or restructure to improve profitibility, it is worth having a discussion with a Property118 consultant to take a closer look at how your portfolio is structured as a whole now, and to forecast the outcomes based on multiple scenario’s.

These conversations are typically most useful for landlords with established portfolios and relatively modest borrowing who are beginning to reflect on how their assets could work more effectively in the years ahead.

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Landlord exodus slows as sell-offs fall

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Property118

Landlord exodus slows as sell-offs fall

Landlords considering selling up appear to be stepping back from their exit plans, with fewer former rental homes being listed for sale ahead of the Renters’ Rights Act changes.

According to TwentyCi, the proportion of homes coming to market that were previously rented has dropped over the past year, based on analysis of the last 15 months.

The share of properties listed for sale that had been rented within the previous three years fell from 22.5% in Q1 2025 to 12.4% in Q1 2026.

That’s a 45% year-on-year reduction and the figures bring activity closer to historic norms after a period of higher landlord disposals.

Hard being a landlord

The firm’s latest Property & Homemover Report notes: “A wave of regulatory changes has significantly reshaped the private rental sector.

“Stricter compliance requirements, enhanced tenant protections, and rising operational costs, combined, have made it increasingly undesirable to be a landlord.”

It goes on: “The stock of private rental properties in the UK has reduced and continues to fall as a result of regulation and taxation changes.

“This is, and has, occurred at a time when the availability and affordability of private rental stock for tenants are two of the government’s most pressing housing problems.”

Former rental homes

Regionally, London recorded the sharpest decline in landlords listing former rental homes for sale, with a 51% year-on-year fall.

Outside the capital, the reduction stood at 41%, showing a broad-based shift across the country.

Within London itself, inner London saw a 52% drop in landlords exiting compared with the same period last year, while outer London recorded a 45% fall.

Inner London still registered the highest level of landlord sales activity among all regions.

Advertised for relet

Separately, the data tracks what happens to former rental homes once sold, focusing on transactions completed in Q2 and Q3 2025.

Only 11% of those properties in London were subsequently advertised to let again by the end of Q1 2026.

Outside London, the proportion returning to the lettings market was lower still, at 6% of transactions over the same period.

The figures are based on more than 492,000 transactions analysed across the UK.

The data shows that in Q1 2025, half of all homes listed for sale in London were previously rented properties, compared with 16% across the rest of the UK.

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