Two-year fixed and tracker mortgages have seen a year-on-year uptick in preference from buy-to-let (BTL) landlords when it comes to remortgaging, Landbay has revealed.

The BTL lender found that landlord preference towards two-year fixes has increased from 20% to 29% between 2024 and 2025, while interest in tracker mortgages have jumped from 3% to 8% in the same period. However, this is not as high as 2023, where 14% of landlords chose tracker mortgages as their preference.

Landbay said this increase in two-year and tracker reflects expectations around interest rates.

Although five-year fixes remain the most popular option for BTL landlords who are remortgaging, this preference has fallen from 71% in 2024 to 57% in 2025.

Furthermore, 6% of landlords picked longer-term fixes of between seven and 10 years.

Of those planning to choose a five-year fixed rate, 29% is made up of landlords with portfolios between four and 10 properties, closely followed by those with between 16 and 30 rental properties (26%).

Among those looking for a medium-term fixed rate, the majority of their portfolios can be found in London and the South East.

Sales and distribution director at Landbay, Rob Stanton, said: "While the data has shown an increase in interest around tracker mortgages as some landlords look to ride the wave of potential interest rate cuts, the overwhelming majority continue to favour the stability and certainty of a fixed-rate mortgage. Above all, it serves as a reminder why it’s important that lenders offer a broad range of options to enable brokers to best support those landlords set to refinance.

"While the conversation around mortgage maturity continues to centre around the residential market, we cannot overlook how much of a factor this is in the BTL sector too. While those with shorter term fixes may be set for some relief this year, we cannot forget those set to come off more favourable deals and a time of higher operating costs for landlords."

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