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Cheap mortgages fund 'buy-to-let lifestyle'

Date: Tue, 24 Jan 2006

Cheap mortgages could be helping to boost the growing buy-to-let lifestyle, according to new research.

Standard Life Bank's survey into the lucrative buy-to-let market discovered that one in five landlords are using rental income to fund their lifestyle habits.

The study involving over 500 landlords concluded that 17 per cent have used property income to cover holiday costs, whilst ten per cent have used the money to reduce their working commitments.

The growing availability of second cheap mortgage deals means that many more people are considering investing in property in order to boost their annual disposable incomes.

"Our survey revealed that a quarter of all respondents are earning up to £200 more than their mortgage commitments every month, 27 per cent are earning between £200 and £500 extra, and 13 per cent are earning up to £1000 each month," said Andrew Boddie, head of marketing at Standard Life Bank.

He added: "Earnings on successful buy-to-let projects can be significant and provide landlords with income to change their lives."


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