A third of these 'granlords' entered BTL within the last 5 years.
Sue Green, of Saga, said: ‘Buy to let is an increasingly popular investment for the over-50s, particularly in the current financial climate but clearly it is not without challenges.
‘The recently announced cuts to tax relief for buy-to-let landlords, for example, are a new factor that people will have to take into account when deciding whether to start letting a property.
‘While landlords are largely positive about their decision, they are also likely to face practical and financial hurdles. This is why we have developed a guide that provides practical advice.’
The 'granlord' sector is expected to continue to grow as more of us take advantage of pension freedoms allowing access to pension lump sums instead of being forced into buying annuities.
Take advantage of our discounted landlord insurance rates
One in seven 'granlords' inherited their rental property and one in 14 originally purchased the property for a child or grandchild to live in.
Sue Green, of Saga, said: ‘Buy to let is an increasingly popular investment for the over-50s, particularly in the current financial climate but clearly it is not without challenges.
‘The recently announced cuts to tax relief for buy-to-let landlords, for example, are a new factor that people will have to take into account when deciding whether to start letting a property.
‘While landlords are largely positive about their decision, they are also likely to face practical and financial hurdles. This is why we have developed a guide that provides practical advice.’
The 'granlord' sector is expected to continue to grow as more of us take advantage of pension freedoms allowing access to pension lump sums instead of being forced into buying annuities.
Take advantage of our discounted landlord insurance rates
We inherited a house from an elderly relative, and spent a fortune bringing it up to 21st century standards and my family moved in, rent free. After their marriage split, we were left with an empty house, which has been refurbished and let. Aged 70 and 65 respectively, we have had a steep learning curve, but have survived OK. My sister and brother in law has also bought two houses, as an inspection of their well paid annuity revealed the returns would be so rubbish, they would earn far more from rental!
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