diff --git a/clippy_lints/src/borrow_deref_ref.rs b/clippy_lints/src/borrow_deref_ref.rs
index 7cde007a9b66..70c9c45a60c8 100644
--- a/clippy_lints/src/borrow_deref_ref.rs
+++ b/clippy_lints/src/borrow_deref_ref.rs
@@ -2,9 +2,9 @@ use crate::reference::DEREF_ADDROF;
 use clippy_utils::diagnostics::span_lint_and_then;
 use clippy_utils::source::SpanRangeExt;
 use clippy_utils::ty::implements_trait;
-use clippy_utils::{get_parent_expr, is_from_proc_macro, is_lint_allowed, is_mutable};
+use clippy_utils::{get_parent_expr, is_expr_temporary_value, is_from_proc_macro, is_lint_allowed, is_mutable};
 use rustc_errors::Applicability;
-use rustc_hir::{BorrowKind, ExprKind, UnOp};
+use rustc_hir::{BorrowKind, Expr, ExprKind, Node, UnOp};
 use rustc_lint::{LateContext, LateLintPass};
 use rustc_middle::mir::Mutability;
 use rustc_middle::ty;
@@ -48,7 +48,7 @@ declare_clippy_lint! {
 declare_lint_pass!(BorrowDerefRef => [BORROW_DEREF_REF]);
 
 impl<'tcx> LateLintPass<'tcx> for BorrowDerefRef {
-    fn check_expr(&mut self, cx: &LateContext<'tcx>, e: &rustc_hir::Expr<'tcx>) {
+    fn check_expr(&mut self, cx: &LateContext<'tcx>, e: &'tcx Expr<'tcx>) {
         if let ExprKind::AddrOf(BorrowKind::Ref, Mutability::Not, addrof_target) = e.kind
             && let ExprKind::Unary(UnOp::Deref, deref_target) = addrof_target.kind
             && !matches!(deref_target.kind, ExprKind::Unary(UnOp::Deref, ..))
@@ -76,6 +76,9 @@ impl<'tcx> LateLintPass<'tcx> for BorrowDerefRef {
             && let e_ty = cx.typeck_results().expr_ty_adjusted(e)
             // check if the reference is coercing to a mutable reference
             && (!matches!(e_ty.kind(), ty::Ref(_, _, Mutability::Mut)) || is_mutable(cx, deref_target))
+            // If the new borrow might be itself borrowed mutably and the original reference is not a temporary
+            // value, do not propose to use it directly.
+            && (is_expr_temporary_value(cx, deref_target) || !potentially_bound_to_mutable_ref(cx, e))
             && let Some(deref_text) = deref_target.span.get_source_text(cx)
         {
             span_lint_and_then(
@@ -110,3 +113,9 @@ impl<'tcx> LateLintPass<'tcx> for BorrowDerefRef {
         }
     }
 }
+
+/// Checks if `expr` is used as part of a `let` statement containing a `ref mut` binding.
+fn potentially_bound_to_mutable_ref<'tcx>(cx: &LateContext<'tcx>, expr: &'tcx Expr<'_>) -> bool {
+    matches!(cx.tcx.parent_hir_node(expr.hir_id), Node::LetStmt(let_stmt)
+             if let_stmt.pat.contains_explicit_ref_binding() == Some(Mutability::Mut))
+}
diff --git a/tests/ui/borrow_deref_ref.fixed b/tests/ui/borrow_deref_ref.fixed
index 765dd75fceb9..6d06fcc3037a 100644
--- a/tests/ui/borrow_deref_ref.fixed
+++ b/tests/ui/borrow_deref_ref.fixed
@@ -124,3 +124,50 @@ mod issue_11346 {
         //~^ borrow_deref_ref
     }
 }
+
+fn issue_14934() {
+    let x: &'static str = "x";
+    let y = "y".to_string();
+    {
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = &*x; // Do not lint
+        *x = &*y;
+    }
+    {
+        let mut x = x;
+        //~^ borrow_deref_ref
+        x = &*y;
+    }
+    {
+        #[expect(clippy::toplevel_ref_arg, clippy::needless_borrow)]
+        let ref x = x;
+        //~^ borrow_deref_ref
+    }
+    {
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = std::convert::identity(x);
+        //~^ borrow_deref_ref
+        *x = &*y;
+    }
+    {
+        #[derive(Clone)]
+        struct S(&'static str);
+        let s = S("foo");
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = &*s.0; // Do not lint
+        *x = "bar";
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = s.clone().0;
+        //~^ borrow_deref_ref
+        *x = "bar";
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = &*std::convert::identity(&s).0;
+        *x = "bar";
+    }
+    {
+        let y = &1;
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = { y };
+        //~^ borrow_deref_ref
+    }
+}
diff --git a/tests/ui/borrow_deref_ref.rs b/tests/ui/borrow_deref_ref.rs
index 8ee66bfa881a..b43f4c93bf2b 100644
--- a/tests/ui/borrow_deref_ref.rs
+++ b/tests/ui/borrow_deref_ref.rs
@@ -124,3 +124,50 @@ mod issue_11346 {
         //~^ borrow_deref_ref
     }
 }
+
+fn issue_14934() {
+    let x: &'static str = "x";
+    let y = "y".to_string();
+    {
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = &*x; // Do not lint
+        *x = &*y;
+    }
+    {
+        let mut x = &*x;
+        //~^ borrow_deref_ref
+        x = &*y;
+    }
+    {
+        #[expect(clippy::toplevel_ref_arg, clippy::needless_borrow)]
+        let ref x = &*x;
+        //~^ borrow_deref_ref
+    }
+    {
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = &*std::convert::identity(x);
+        //~^ borrow_deref_ref
+        *x = &*y;
+    }
+    {
+        #[derive(Clone)]
+        struct S(&'static str);
+        let s = S("foo");
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = &*s.0; // Do not lint
+        *x = "bar";
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = &*s.clone().0;
+        //~^ borrow_deref_ref
+        *x = "bar";
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = &*std::convert::identity(&s).0;
+        *x = "bar";
+    }
+    {
+        let y = &1;
+        #[expect(clippy::toplevel_ref_arg)]
+        let ref mut x = { &*y };
+        //~^ borrow_deref_ref
+    }
+}
diff --git a/tests/ui/borrow_deref_ref.stderr b/tests/ui/borrow_deref_ref.stderr
index 3d55da25b9b2..3a1f968b4be1 100644
--- a/tests/ui/borrow_deref_ref.stderr
+++ b/tests/ui/borrow_deref_ref.stderr
@@ -25,5 +25,35 @@ error: deref on an immutable reference
 LL |         (&*s).foo();
    |         ^^^^^ help: if you would like to reborrow, try removing `&*`: `s`
 
-error: aborting due to 4 previous errors
+error: deref on an immutable reference
+  --> tests/ui/borrow_deref_ref.rs:137:21
+   |
+LL |         let mut x = &*x;
+   |                     ^^^ help: if you would like to reborrow, try removing `&*`: `x`
+
+error: deref on an immutable reference
+  --> tests/ui/borrow_deref_ref.rs:143:21
+   |
+LL |         let ref x = &*x;
+   |                     ^^^ help: if you would like to reborrow, try removing `&*`: `x`
+
+error: deref on an immutable reference
+  --> tests/ui/borrow_deref_ref.rs:148:25
+   |
+LL |         let ref mut x = &*std::convert::identity(x);
+   |                         ^^^^^^^^^^^^^^^^^^^^^^^^^^^ help: if you would like to reborrow, try removing `&*`: `std::convert::identity(x)`
+
+error: deref on an immutable reference
+  --> tests/ui/borrow_deref_ref.rs:160:25
+   |
+LL |         let ref mut x = &*s.clone().0;
+   |                         ^^^^^^^^^^^^^ help: if you would like to reborrow, try removing `&*`: `s.clone().0`
+
+error: deref on an immutable reference
+  --> tests/ui/borrow_deref_ref.rs:170:27
+   |
+LL |         let ref mut x = { &*y };
+   |                           ^^^ help: if you would like to reborrow, try removing `&*`: `y`
+
+error: aborting due to 9 previous errors