The Intermediary – July 2026 - Flipbook - Page 40
BUY-TO-LET
Opinion
Five years in a
market that never
stands still
J
ust over five years ago, I
joined Fleet Mortgages
and began what has
turned out to be the most
fascinating period of my
career. It also marked 10
years working in mortgages and 21 in
financial services overall. Milestone
anniversaries tend to make you stop
and reflect, especially when they come
all at once.
When I joined, I could not have
imagined quite how much would
happen over the following five years.
The temptation with articles like
this is to focus on statistics, lending
volumes, rates or product numbers.
Those things maer, but what has
struck me most is the sheer pace of
change and the resilience shown by
everyone involved in the sector, from
landlords and advisers and, dare I say
it, lenders as well.
One challenge to the next
When I arrived at Fleet, the market
was understandably still dealing with
the ongoing shiing nature of the
pandemic. Activity levels were strong,
borrowing costs were low, and there
was a sense that demand for rental
property would remain robust for the
foreseeable future. My view is that this
proved to be correct, although very
lile else followed the script.
The subsequent period brought
inflation, a cost-of-living crisis,
rapid increases in Base Rate and the
market disruption that followed the
‘mini-Budget’.
Anyone working in mortgages
during that period will remember days
when products were withdrawn. That
has, unfortunately, become a much
more commonplace element of the
overall mortgage market.
For advisers, it means having
difficult conversations with clients
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The Intermediary | July 2026
whose expectations may have been
formed in a very different interest
rate environment.
For landlords, it oen means
revisiting investment plans,
refinancing strategies and portfolio
ambitions. For lenders, it requires
constant adaptation to rapidly
changing market conditions.
The professional landlord
One of the biggest ongoing shis I have
observed has been the continued move
towards a more professional landlord
base. For years we heard predictions
of a landlord exodus, and while some
landlords have certainly chosen to
reduce or exit portfolios, that has
never been the whole story.
What I have seen is a market
that has increasingly rewarded
those willing to take a long-term,
strategic approach.
Limited company structures have
become far more common. Complex
property types such as houses in
multiple occupation (HMOs) and
multi-unit blocks (MUBs) have
aracted greater interest.
Tax considerations, portfolio
management, refinancing options
and long-term investment planning
all play a much greater role than they
once did. That evolution has helped
strengthen the sector rather than
weaken it.
Importance of advice
If there is one theme that has stood
out above all others, it is the value of
professional advice. The past five years
have demonstrated that buy-to-let is
not a sector where one solution fits all.
Changing affordability calculations,
tax changes, product innovation and
ongoing regulatory developments
have all increased the importance of
specialist guidance. The advisers who
WES REGIS
is national account manager
at Fleet Mortgages
have thrived during this period are
those who have helped clients look
beyond the headline rate.
Defined by resilience
It would be impossible to reflect on the
past five years without mentioning
the number of times the sector has
been wrien off. Whether it was
tax changes, interest rate rises,
affordability pressures or regulatory
reform, there has been no shortage of
predictions that buy-to-let was facing
an existential threat. Yet the market
remains here.
The reason is simple. The UK
continues to face a significant shortage
of rental housing while demand for
privately rented accommodation
remains strong. Those fundamentals
have helped support the sector
through a period of enormous change.
Looking ahead
Predicting the next five years feels like
a dangerous exercise given everything
that has happened during the last five.
If there is one lesson I have taken from
my time at Fleet, it is that certainty
is oen in short supply. Even during
2026 alone, market expectations
around interest rates have shied
multiple times as geopolitical events
and economic forecasts have evolved.
Five years ago, I joined Fleet
expecting to learn about specialist buyto-let lending. What I have actually
learned is how adaptable, innovative
and resilient this sector can be when
faced with change. Given everything
the last five years have thrown at
us, that may be the most important
lesson of all. ●
