Becoming a private landlord is becoming increasingly popular and
buy-to-let borrowers want to buy more properties, according to research
from Birmingham Midshires.
A survey of Midshires' buy-to-let mortgage customers revealed 79 per cent
would consider adding to their property portfolio.
Of this 79 per cent, 64 per cent said they would ideally like between two
and 10 properties.
Overall, 51 per cent said they entered the buy-to-let market was to create
additional income for the future and 27 per cent said it was to create an
income now and an investment for the future.
Six per cent chose buy to let as a means of owning additional property for
family and 4 per cent to provide an investment for their children to
Buying smaller houses to let tends to be more popular. Fifty-one per cent
rent out flats, 41 per cent rent out terraced houses and 26 per cent rent
out semi-detached houses.
Midshires says buy to let is becoming increasingly popular because of
rising house prices, improved legal rights, more demand for rented
properties and more choice in the mortgage market.
Head of mortgage marketing Michael Bolton says: “Buy to let is a long-term
investment and most people enter primarily as a means of earning extra
income for themselves.
“Providing it is looked in to properly, becoming a private landlord is not
as daunting as some people might first imagine. Buy to let can be a very
accessible investment option.”