Participants in a new survey by Partnership expect that 47% of their retirement income will be needed for mortgage repayments. 2.5 million non-retired people are planning to cover costs by selling their primary residence.
Traditionally, property has offered a good opportunity for additional income. This is especially true now that pension rules have changed to allow flexible investment choices.
The fact remains that most people aged over 40 expect to be repaying their mortgages into their retirement. (Partnership research.)
Mark Stopard, Partnership’s Head of Product Development explains: “Most people aim to own their own home by the time they retire but the trend towards remortgaging, purchasing later in life and being kept off the housing ladder by high house prices means that this is out of reach for almost a third of people.”
Buy-To-Let is a popular way of earning extra income – and has proved to be an attractive long-term investment thanks to the good returns available.
“We’ve noticed a big increase in the number of people choosing to buy and let properties as an investment for retirement income’” says Jason Dyer of JTM Homes. “Our Landlord Guide explains what is involved and we are very happy to talk with existing and potential landlords to explain the process and find tenants.”
Jason adds: “Every property is different. The key to a successful let is finding the right tenant for a particular property. We have lots of potential tenants waiting for rental properties in North London. We will always be open and honest about the suitability of tenants and properties for all involved. Property rental works best when it is a win-win situation.”
Are you interested in letting a property or expanding your rental portfolio? Ask us for details – we are specialist in North London lettings. See you soon!