From accidental landlords to those wanting to embark on buy-to-let as a business, renting out property can be extremely rewarding, and that may be why new figures suggest that an increasing number of first-time buyers are looking to invest in the buy-to-let market.
Fresh data provided by Legal & General shows that searches for its SmartrCriteria tool designed for first-time buyer, first-time landlord, and non-owner occupier have increased by 18% since the start of September.
There has also been a notable increase in searches for holiday lets.
Demand from expat and foreign investors also remains strong, according to Legal & General.
Legal & General Mortgage Club director Kevin Roberts commented: “Despite the impact of coronavirus, we are seeing rising demand across the housing market with buy to let in particular enjoying a mini-boom.
“Our latest findings from SmartrCriteria suggest a growing number of first-time buyers are searching for mortgages for buy-to-let ventures, including those engaging with the growing trend towards staycations this year.
“Amidst this continued high demand we are seeing in the mortgage market, borrowers are turning to independent advisers to help them with their plans and these experts are playing a vital role for consumers.
“There have been thousands of criteria changes since the lockdown and mortgage advisers are supporting seasoned property investors, first-time landlords and other buyers to find lenders and products that meet their needs.”