As the buy to let market continues to shift, keeping on top of funding costs, lender criteria and regular updates is more important than ever. This week brought a mixture of market movement, policy clarification and, refreshingly, some good news for landlord sentiment across the UK.
Here’s your weekly MFB News update from 11th February 2026.
SWAP Rates: What’s Driving the Latest Movements?
Last week we saw an uplift in SWAP rates, and while things have settled slightly, the landscape is still fairly bumpy. As of last night, 2year SWAPs were at 3.41%, compared with 3.40% a month ago and 3.97% a year ago, meaning a minor increase of +0.01% month on month but a much more positive –0.56% year on year improvement.
5year SWAPs are currently at 3.66%, up from 3.55% last month and down from 3.84% this time last year. That’s a +0.11% monthly increase, but still –0.18% better year on year. So, while both terms are up slightly compared with last month, they remain in a stronger position than a year ago.
There’s still a lot of noise influencing these movements, political uncertainty, global events and ongoing speculation around inflation, so short term swings aren’t surprising. year on year term swings aren’t surprising.
In terms of the Base Rate, the expectation following the most recent MPC meeting is that we’re likely to see one more reduction in March, and then probably nothing further for the rest of the year. Whether that happens will depend on what emerges between now and the decision meeting.
For those waiting for this potential Base Rate cut before making a move on a remortgage, fixed rates have already priced in the expected reduction. So, unless something unexpected happens, like a major inflation drop or a large cut, holding off until March isn’t likely to improve fixed rate pricing.
Lender Pricing: A Mixed Bag, But No Major Surprises
Lenders have been busy tweaking pricing in response to fluctuating cost of funds, some up, some down, and some making both increases and decreases to their product ranges.
- BM Solutions adjusted their personal and Limited Company products, with some positive downward movements.
- Moda Mortgages increased pricing by around 2%.
- Leeds and Principality shifted rates in opposite directions.
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TSB Enters the Portfolio Landlord Space
TSB has made a meaningful move this week by entering the portfolio landlord market, now accepting applications from landlords with four or more mortgaged buy to let properties. They’ll allow up to 10 properties in the background, lending up to 75% LTV with loans capped at £1 million.
A key detail is how they assess portfolio affordability: for HMOs and holiday lets, only 25% of rental income is counted in background stress tests, which may make their criteria restrictive for landlords with higher leverage or more complex portfolios.
Overall, it’s positive to see more high‑street lenders supporting portfolio investors, but for landlords with large or heavily geared portfolios, specialist lenders will still offer greater flexibility.
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Decent Homes Standard: What Landlords Need to Prepare For
The Government has now confirmed the core criteria that both the social and private rented sectors will be required to meet under the new Decent Homes Standard. In simple terms, every rental property will need to:
- Meet the statutory minimum standards, ensuring there are no serious Category 1 hazards.
- Be in a reasonable state of repair, with key components maintained and safe.
- Provide essential facilities and services, with a focus on quality rather than the age of fittings.
- Offer a reasonable level of thermal comfort, including meeting the EPC C requirement (or valid exemption) by 2030.
- Be free from damp and mould, beyond the most minor levels.
Landlord Confidence Is Growing Again
There’s some encouraging news for landlords this week, with new research from One Savings Bank (OSB) showing a clear rise in confidence across the sector. 62% of landlords now feel optimistic about the future, up from 47% last year, suggesting many investors are adapting to the current environment rather than stepping back.
Several factors appear to be helping: mortgage pricing is more stable than it was a year ago, rental demand remains strong, and the publication of long awaited legislation has given landlords a clearer sense of what to expect. Even if not all rules are welcomed, certainty itself is helping confidence return.
The report also found that fewer landlords are considering exiting the sector, with numbers falling from 29% to 24%. And nearly two thirds now feel they provide a vital housing service, echoing the continued importance of the private rented sector. We’re seeing similar trends in practice, with more landlords reviewing portfolios, refinancing, and even competing for new purchases, all signs that confidence is slowly rebuilding.
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Next Steps
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