A fifth of buy-to-let landlords have entered the market because they are optimistic about the lifestyle opportunities it provides, according to new research.
The benefits of renting out property is set to fuel the growth of the market as more Britons become attracted to a more flexible way of living, Standard Life Bank predicts.
In a survey of more than 500 landlords, the bank found that 17 per cent use their buy-to-let income to fund trips abroad, while one in ten said their earnings meant they could afford to cut the number of hours they worked.
An enterprising ten per cent used their rental income to set up their own business, the study found.
Andrew Boddie, head of marketing at the bank, said: "Earnings on successful buy-to-let projects can be significant and provide landlords with income to change their lives – and with one in five already reporting that they are benefiting in this way, we expect to see this number rise as more people use their property to embrace a more flexible lifestyle."
Mr Boddie added that the bank's research revealed in 25 per cent of cases, landlords were earning up to £200 more than their mortgage commitments each month.
A further 27 per cent were earning between £200 and £500 more and an additional 13 per cent reported earnings of up to £1,000 monthly.
With these significant earnings, Mr Boddie says that "having a buy-to-let mortgage can really help [landlords] … make positive changes to their lifestyle". To read more Property News, click here.
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