More landlords are remortgaging their existing properties, suggesting they have no plans to sell up anytime soon, the latest mortgage data reveals.

Buy-to-let remortgages picked up in August, increasing by 4.5 per cent compared with the same month last year to 13,800 with a lending value of £2.2bn, according to UK Finance’s latest mortgage trends update.

Jackie Bennett, director of mortgages at UK Finance, said: "Buy-to-let remortgaging saw relatively strong growth in August, due in part to the number of two year fixed deals coming to an end.

“Many existing landlords remain committed to the market.”

New buy-to-let home purchase levels continued to fall, dropping by 13 per cent on last year’s figure to 6,000 mortgages in August.

Liz Syms, CEO at Connect for Intermediaries, said: “The continued pressure on landlords is mirrored in the number of buy-to-let purchases.”

However, there are still plenty of landlords looking to increase their portfolios, she said.

“We are seeing an increase in the number of portfolio landlords looking at longer-term fixed rate mortgages, which is manifest in the increase in remortgages in the month," she added.

“With more products available, for longer-terms, this is a trend that is likely to continue, at least until we are more certain about the outcome of Brexit negotiations.”

The findings reflect Simple Landlords Insurance’s own research, suggesting larger landlords are actually looking to grow.

Richard Truman, Head of Operations at Simple, added: “All in all we’ve seen that multi-property landlords are 5 times more likely to be in acquisition mode vs smaller, accidental landlords. Even those smaller landlords - often the ones struggling under new market conditions - might not be able to afford the capital gains tax hit of exiting altogether.

“The net result is actually more stability than the media often lead us to expect from the property market, and the increasing professionalisation of the sector.”