Over half of Brits who want to be landlords are prioritising saving to secure their first BTL property, according to research from Market Financial Solutions.
In a survey of 2,000 Brits conducted by Opinium, Market Financial Solutions found that one in three want to own a BTL property in the future, with this rising to 54% of respondents aged between 18 and 34.
Of those who want to be a landlord, 52% are setting aside money each month to make this a reality.
Meanwhile, 44% are working extra hours to accrue more income, while 33% are living with friends or family to help save towards this goal.
A similar proportion to the latter, 30%, would ask or have asked for financial support from family members to support their BTL ambitions.
The goal of becoming a landlord is surpassing that of homeownership for some, with nearly one-quarter (24%) of Brits preferring to buy a BTL property first.
Commenting on the findings, Market Financial Solutions CEO Paresh Raja said this highlighted the affordability challenges many face when buying property.
“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,” said Paresh.
“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.”
