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Buy to let booming, says Midshires

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&#39 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

inherit.

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.”

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