Of those with aspirations of being a landlord, the survey uncovered that 52% are setting aside money each month to make this dream a reality. Meanwhile, 44% are working (or have worked) extra hours to help them earn more and achieve this goal.
Elsewhere, a third (33%) of those who want to buy a buy-to-let property said they are currently living with friends or family members to allow them to save on rent or mortgage payments, with 30% saying they have asked or would ask for financial support from family members to enable this purchase.
Of the aspiring landlords who currently do not own their own home, 24% said they would consider buying a buy-to-let property before becoming a homeowner.
Paresh Raja, CEO of Market Financial Solutions, 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.
“As a specialist buy-to-let lender, we 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 (as our research shows can be the case) may raise questions for a lender as to whether the borrower will indeed let the property or move into it themselves. 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.”
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