As ever in the UK buy to let market, change is constant, and the last couple of weeks have been no exception. Mortgage pricing has been on the move, landlords are reassessing their tax positions, and refurb‑to‑let projects continue to gain traction despite wider uncertainty. After spending the day speaking with hundreds of landlords at the National Landlord Investment Show, several clear themes emerged.
Below is a rounded look at what’s happening right now in the UK property market, and what landlords may want to consider next.
Here’s your weekly MFB News update from 25th March 2026.
Interest Rates & SWAPs: Where We Stand
The past two weeks have brought unusually sharp movements in SWAP rates. One week ago, 5‑year SWAPs were sitting at approximately 3.9%. Over the weekend, geopolitical tensions pushed markets sharply higher, and by Monday morning SWAPs had surged to just under 4.5%. This represents an increase of roughly 0.6 percentage points, a rapid change in such a short timeframe.
Since then, SWAPs have partially settled, easing back to around 4.1%. This still places them 0.2% higher than the previous week, but notably lower than their peak earlier in the week. These swings directly affect lender funding costs, which explains why they’ve withdrawn fixed rate buy to let products were withdrawn and re‑priced, generally increasing by 0.5% to 0.7%.
In simple terms, when SWAP rates move sharply, particularly by more than half a percent in days, lenders must adjust pricing quickly to avoid lending at a loss. Until volatility calms, we should expect cautious product launches and shorter notice periods on rate changes.
Incorporation: Still a Hot Topic for Landlords
Incorporation was one of the most common questions raised at the National Landlord Investment Show, with many landlords reconsidering whether now is the right time to move their personally‑owned properties into a Limited Company structure. Higher interest rates, increased tax pressure, and long‑term planning considerations are all contributing to the renewed interest.
Key benefits of Incorporation include:
• Reduced tax bills
• A more organised and professional structure
• Greater flexibility for estate planning
• More favourable numbers now that legacy low‑rate mortgages have ended
• Lenders being well‑set‑up to support incorporations
Read our blog on the benefits of Limited Company Incorporation >>
Refurb‑to‑Let: Growing Popularity Despite Uncertainty
Refurb‑to‑let remains a popular strategy with landlords who want to add value and recycle capital more quickly. The approach is simple: buy a property that needs work, refurbish it, and then refinance at the higher post‑works value.
Most investors landlords use bridging finance to fund the purchase and improvements, then switch to a standard buy to let mortgage once the project is complete. For many bridging feels less daunting than it used to, with regulated lenders offering clear, professional processes, and with mortgage rates currently higher, the price gap between bridging and traditional lending has narrowed.
Common concerns include refinancing at the end and the cost of fees. A good broker will normally secure an exit agreement in principle upfront, giving confidence that the refinance route is realistic. Some lenders offer combined “bridge‑to‑let” products, though whether these are cost‑effective depends on the individual deal.
Overall, refurb‑to‑let works well for landlords comfortable with light or moderate works and remains a strong option for creating value in today’s market.
Explore our guide on refurb-to-let >>
The Renters’ Rights Act: Will It Affect Mortgage Underwriting?
The Renters’ Rights Act was another topic many landlords asked about, particularly whether lenders are planning to change their buy to let underwriting in response. At the moment, lenders haven’t made any policy changes because of the Act.
Once the new rules come into force on the 1st May 1st, lenders will watch how their mortgage books perform, especially around arrears and the speed of possession cases. If nothing changes, lenders are unlikely to adjust their criteria. However, if arrears rise because landlords can’t regain possession quickly enough, lenders may start paying closer attention to things like savings buffers or how easily a landlord could cover payments during a non‑paying tenancy.
But for now, the message is simple: No lender has changed anything, and there’s no immediate sign that they will.
Learn more about what’s coming in the Renters’ Rights Act >>
Final Thoughts
The market may feel unsettled, but lenders remain active and opportunities still exist. Securing rates early, exploring incorporation, or considering refurbishment strategies can all help landlords strengthen their position.
Next Steps
Get in touch, call our experts on 0345 345 6788 or submit an enquiry here to see how we can help.
