There are more than a million UK landlords that are paying off Buy-to-Let mortgages and according to research, this averaged out at £20,950 per landlord over the last twelve months.

The research's figures do not include the initial deposit of 25% of the value of the property being mortgaged. The  Bank of England's recently announced that between July and September 2014, that BTL lending hit the £8 billion mark.

The report also highlighted that landlords with 11 + properties spent an average of £55,285 on BTL repayments and those with 1-4 properties, paid back £10,335 in 2014.

The usual timescale to successfully complete the BTL process is around six weeks, whereas nearly one in five landlords (19%) had to wait over two months to achieve the loan.

Richard Merrick of PIMS says : "These figures outlines how important the PRS is to the economy and without "harping" on too much, there seems to be little positive press about how landlords are contributing to the community.

" We know that BTL mortgages are outstripping personal mortgages and this is only because many families cannot afford the higher prices in the market, that are buoyed by the recovering economy.

"Private landlords are not responsible for low pay and zero hour contracts, however they do provide necessary housing for people that have to work under these conditions. It is down to the government to provide affordable new - builds and at present this not happening. Landlords are paying the going rate and supplying much needed accommodation and at the same time boosting the economy."