The latest Mortgage Solutions People’s Poll asked brokers if they owned a buy-to-let property and, if so, how many.
Just 18% of respondents said they had no rental properties with the remainder holding at least one buy-to-let.
This poll followed a report from BDRC Continental which suggested the average landlord could expect yearly income of almost £60,000 from rent payments, more than twice the average UK annual wage of £27,174.
Four-in-ten mortgage brokers described themselves as a small landlord, holding between one and three properties. A further 30% said they owned between four and nine buy-to-lets.
More than a tenth (12%) of respondents said they owned 10 properties or more.
The idea of brokers owning buy-to-let properties sparked some debate in the Mortgage Solutions comments box with one broker suggesting it was vital for advisers operating in this sector.
“I honestly don’t know how a mortgage adviser can advise on buy-to-let mortgages without hands on practical experience themselves,” the commenter said. “There are way too many pitfalls to be able to advise properly on this without first-hand experience.”
However, not all advisers shared this view.
“Brokers can offer buy-to-let mortgage advice because they have been doing the job for many years and the products are not regulated,” responded another broker.
“There is no substitute for experience when dealing with buy-to-let but I have never known a client obtain advice from ARLA or an accountant despite being recommended to do so prior to entering the buy-to-let market etc. You can lead a horse to water etc springs to mind.”
