Those planning to take out a
buy-to-let mortgage in order to become a
landlord and make a quick buck have the wrong impression about the market, an industry expert says.
Tom Entwhistle, editor of
property website LandlordZone, says some
buy-to-let mortgage holders have found this a quick and easy way to make money.
However, he says this is "more the exception rather than the rule".
The buy-to-let mortgage market is a long-term one, Mr Entwhistle explains.
He says: "It has not always been the case that you can make a lot of
money in a short time on buy-to-let."
Those taking out a buy-to-let mortgage in order to make money through rental
income need to be committed, the editor concludes.
Towards the end of last year, buy-to-let
mortgages were worth some £63.5 billion, according to the Council of Mortgage Lenders.
The country's 632,000 buy-to-let mortgages represented seven per cent of the total mortgage market this past autumn.
Lower
interest rates boosted the buy-to-let mortgage sector, according to mortgage expert Andrew Moss of Mortgage Express.
