Looking for advice on investment property

[qwertyaqa]

Hi guys, I am in the middle of purchasing a second house around £155k and have saved up £40k for the which ill put a deposit on and take a mortgage from the bank, I will rent this property out to one household. What can I do in terms of reducing tax. I've heard of deprecation where any upgrades or repair for the house can reduced, but how can I do this? What other steps can I take to save money? I also don't have a credit card or have credit score.

In other words, what are the steps you would take if you were to invest in a £150k buy to let property with £40k deposit?

 

[Nicholas Wallwork]

Firstly unless you're planning on selling it on relatively quickly I'd seriously purchase it in a Ltd Co SPV otherwise you could be hit by Section24 tax at some point if you're building a portfolio (this is where you'll get taxed on the revenue not the profit).

I would recommend you get your kknowledge up first in a number of areas about property otherwise you could end up loosing a lot of money.

With regards to the credit... get on experian (they have a website) and check your score, check you'd registered to vote and then get a credit card (as that helps your rating). ensure all your details are correct and work to iprove your credit scrore. Property investing is all about your credit scrore and mortgage applications so it's an important part of the business to get right!

Good luck and keep us posted!
Thanks
Nicholas