Buy-to-let fixes hit 6.00% as lenders pull products ahead of the next Bank rate call

Average buy-to-let fixed rates rose again on 23 October 2026, with the average two-year fix at 5.97% and the average five-year fix at 6.00%, according to Moneyfacts figures reported by Mortgage Strategy. The rise is marginal. The real story is that lenders are changing prices and pulling products ahead of the next Bank of England decision, which can leave landlords without the deal they planned to use.

There is no new legal duty in this update for landlords or letting agents. The risk is operational and financial: a product can disappear between research and application, interest-only options may narrow, and a remortgage that looked workable a week ago can become more expensive or fail underwriting. If your current deal ends in the next 6 to 12 months, that expiry date now matters more than the one-basis-point move in the averages.

What the market is actually doing

The Mortgage Strategy report describes a market moving in several directions at once. It cites new interest-only fixed products from Coventry Building Society, new fixed deals from Cambridge and Vida Homeloans, and a high-LTV fixed product from Chorley Building Society. It also says some interest-only and delayed-start products have been withdrawn or restricted.

That matters because average-rate headlines can hide a deterioration in choice. For many landlords, especially those relying on interest-only, higher LTVs or SPV company borrowing, availability can matter as much as price.

Why a small rise still bites in London

On a £400,000 interest-only mortgage, a 0.25 percentage point rise adds roughly £1,000 a year in interest costs. A 1.00 percentage point rise adds about £4,000 a year. On larger London loan balances, that quickly becomes a cashflow issue rather than a rounding error.

That is why landlords should focus less on whether the average moved by one basis point and more on whether the next available product still works for the property, the rental income and the exit strategy.

Three checks to make now

1. Build an expiry list across the portfolio

List every mortgage end date for the next 12 months. Note the current product type, the reversion rate and whether the loan is held personally or through an SPV limited company. Many landlords know the monthly payment but not the date the current rate ends or what replaces it.

2. Stress-test each property

Model each property at +0.25%, +0.50% and +1.00% above the current payable rate, with a void or arrears assumption included. For HMOs, test the impact of one empty room. For single lets, test a missed month or slower re-let.

3. Confirm the route still exists

If you need interest-only, high-LTV or delayed-start borrowing, confirm that the lender still offers it and that the criteria still fit your case. If not, the answer may be a product transfer, a lower leverage remortgage or a switch from full interest-only to part-and-part.

Do not confuse mortgage pressure with rent rules

Higher finance costs do not change the legal route for increasing rent. Any review still has to follow the tenancy agreement, any valid rent review clause and the correct statutory process where required. A more expensive mortgage is not, by itself, legal justification for an immediate increase.

What to watch next

The next obvious pressure point is the upcoming Bank of England base-rate decision. The direction of that decision is speculative until announced; lender repricing before it is not. Landlords with refinancing due soon should treat live quotes and lender criteria as perishable.

This article is general information, not mortgage, legal or tax advice; take regulated advice on specific borrowing decisions.

Rentals and Sales can help by reviewing your tenancy position before any rent increase linked to remortgage costs, so you do not turn a finance problem into a compliance one.