Over half (54%) of 18-34 yr olds want to own a buy-to-let property and one in three of all adults, in accordance to a survey commissioned by Market Financial Solutions.
Of these with aspirations of being a landlord, the survey uncovered that 52% are setting apart cash every month to make this dream a actuality. Meanwhile, 44% are working (or have labored) further hours to assist them earn extra and obtain this purpose.
Elsewhere, a third (33%) of those that want to purchase a buy-to-let property mentioned they’re at present dwelling with associates or relations to permit them to save on hire or mortgage funds, with 30% saying they’ve requested or would ask for monetary assist from relations to allow this buy.
Of the aspiring landlords who at present don’t own their own dwelling, 24% mentioned they might think about shopping for a buy-to-let property earlier than turning into a house owner.
Paresh Raja, CEO of Market Financial Solutions, mentioned: “Millions of Britons nonetheless have ambitions to make investments in property and turn out to be a landlord. But with the rise in property costs over the years, would-be BTL traders as we speak might discover it tougher to construct a portfolio than was the case 20 or 30 years in the past, which is why it’s so attention-grabbing to see the completely different monetary methods they’re deploying to flip their ambitions into a actuality.
“As a specialist buy-to-let lender, we all know that first-time landlords can discover it troublesome to entry mortgages. For occasion, somebody searching for a BTL mortgage to buy an funding property earlier than they own their own dwelling (as our analysis exhibits could be the case) might increase questions for a lender as to whether or not the borrower will certainly let the property or transfer into it themselves. That’s only one instance of the obstacles first-time BTL consumers can face in the mortgage utility course of, which is why brokers play such an necessary function in connecting these people with lenders greatest positioned to assist.”
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