The lender’s latest landlord survey found that 55.6% of respondents described current market conditions as "somewhat unpredictable", while a further 26.3% said the market was "highly volatile".
The findings follow a period of disruption during March and April, which saw frequent changes to mortgage pricing and product availability across the market.
More than a third (35.3%) of landlords said recent global events and rate movements had reduced their activity levels, while 21.8% said they had delayed plans altogether.
Confidence in accessing buy to let finance has also weakened, with almost half (49.6%) saying confidence had deteriorated in recent months. However, 45.1% said their confidence levels had remained unchanged, suggesting many landlords still believe finance remains accessible despite current market conditions.
The survey also highlighted ongoing concerns around product availability. More than half (57.9%) described buy to let product choice as "limited", while 24.8% said it was "very limited".
Despite this, landlord activity remained relatively strong. Almost half of respondents said they had either completed a buy to let mortgage in the last month (25.6%) or were currently progressing one (24.1%).
The research also reinforced the continued role of brokers within the buy to let sector. More than 82% of landlords said they used a broker from the outset when arranging their latest mortgage, while almost 10% initially attempted to arrange finance themselves before later turning to an adviser.
When asked what mattered most from lenders, 66.2% of landlords cited competitive rates, while 44.4% said certainty once a mortgage offer had been issued was important. More than a third also highlighted pricing stability during the application process (36.1%) and consistent product availability (34.6%).
Almost 40% of landlords said they experienced no issues during their latest mortgage application. However, 27.8% said they needed to move quickly to secure products, while 19.5% reported delays caused by changing market conditions and 18.8% said they had to switch products during the process.
Rob Stanton, sales and distribution director at Landbay, said: "What comes through very clearly is landlords remain active and engaged with the market, but they are placing much greater value on certainty, consistency and communication from lenders and advisers.
"While rates remain incredibly important, landlords also want confidence that products will remain available, that cases will progress smoothly and they can rely on lenders to support them through periods of market volatility."
He added: "It is also very telling that almost half of respondents have either completed or are currently progressing a mortgage despite the recent instability. Activity is still very much there, and advisers continue to play an incredibly important role in helping landlord borrowers navigate changing market conditions."
