More people are using
buy-to-let mortgages to help fund the lifestyle they want, new research suggests.
Standard Life Bank predicts that more
buy-to-let mortgage holders will use their
property investments to create a more flexible life for themselves.
Almost one in five
buy-to-let landlords use their rental income to fund travelling, while ten per cent use this extra money to work shorter hours.
A further ten per cent funded retraining or the set-up costs of their own
business with rental income.
The survey found that a quarter of the polled buy-to-let
mortgage holders are earning up to £200 more than their mortgage commitments every month. Another 27 per cent are earning between £200 and £500 extra and 13 per cent are earning up to £1,000 each month.
"Earnings on successful buy-to-let projects can be significant and provide landlords with income to change their lives," says the head of marketing at Standard Life Bank, Andrew Boddie, adding that the bank expects this trend to gain momentum.
He says many Standard Life Bank buy-to-let mortgage holders have additional options, such as cash reserves and offsetting, available on a flexible buy-to-let mortgage.
These "can really help them to make positive changes to their lifestyle", Mr Boddie concludes.
