A third of UK adults aspire to become a buy-to-let landlord in the future, a study from Market Financial Solutions has found.
The study, which surveyed 2,000 UK adults, found one in three (33 per cent) respondents want to own a BTL property in the future, a figure which rose to 54 per cent among those aged 18-34.
It added that diligent saving habits, working extra shifts, and seeking the support of family members are among the methods the aspiring landlords intend to use to purchase their first rental property.
The survey uncovered that 52 per cent are setting aside money each month to make this dream a reality.
Meanwhile, 44 per cent are working extra hours to help them earn more and achieve this goal.
Market Financial Solutions CEO, Paresh Raja, said: “Millions of Britons still have ambitions to invest in property and become a landlord.
“But with the rise in property prices over the years, would-be BTL investors today may find it more challenging to build a portfolio than was the case 20 or 30 years ago, which is why it’s so interesting to see the different financial strategies they are deploying to turn their ambitions into a reality.”
Raja added that, as a specialist BTL lender, Market Financial Solutions know that first-time landlords can find it difficult to access mortgages.
“For instance, someone seeking a BTL mortgage to purchase an investment property before they own their own home may raise questions for a lender as to whether the borrower will indeed let the property or move into it themselves,” Raja explained.
“That’s just one example of the barriers first-time BTL buyers can face in the mortgage application process, which is why brokers play such an important role in connecting those individuals with lenders best placed to support.”
Elsewhere, a third of those who want to buy a BTL property said they are currently living with friends or family members to allow them to save on rent or mortgage payments, with 30 per cent saying they have asked or would ask for financial support from family to enable the purchase.
Of the aspiring landlords who currently do not own their own home, 24 per cent said they would consider buying a BTL property before becoming a homeowner.
tom.dunstan@ft.com
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