A study of 2,000 adults in the UK carried out by Opinium on behalf of specialist lender Market Financial Solutions found that 33% of those surveyed wanted to own a BTL property in the future.
This rose to 54% among respondents aged between 18 and 34.
Among those who wanted to get into BTL investment, 52% were saving money each month to support this aspiration. A further 44% were working or had worked extra hours to earn more money, while a third said they were living with friends or family so they could save on rent or mortgage payments and put money towards property investment.
Additionally, 30% said they would ask or had asked family members for financial support.
Of the aspiring landlords who were not yet homeowners, 24% said they would consider buying a BTL property first before purchasing their own home.
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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 BTL 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.”
