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5 Tips If You’re Stepping Onto The Property Ladder In 2016

Screen Shot 2016-03-09 at 00.06.382016 has already seen some changes in legislations when it comes to investors/landlords. Fast forward to a few weeks and  the cost of stamp duty will rise.

If 2016 was going to be the year you buy your first investment, don’t let the changes to legislation stop you. But first, consider these five tips for stepping onto the property ladder.

1. Save, Save…and save

The first thing you’ll need is a deposit for the property. So make sure you’ve saved enough. If its more than one investment property you’re after, then continue saving a bit at the side every month or so in preparation for your next investment.

2. Check your credit rating

If you’re applying for a mortgage, your lender will be looking at your credit history. The more you can do to improve it the better. Try avoiding to apply for any major borrowing such as credit cards in the six months prior to making the application. Ensure any credit cards/payments are made in time to avoid a negative impact on your score.

 3. Check your finances – what can you afford to buy?

Saving up for the deposit is one thing, its afterwards where you need to ensure your finances are secure. Lenders usually only let you borrow up to four and a half times your income and also look into your day to day and monthly spending. Then find your investment according to what you would be comfortable with financially.

4. Check additional costs

Buying a house isn’t just paying of the house but includes solicitors fees, stamp duty, moving costs and decorating, to name a few. A bigger property or a second home could also mean a rise in what you usually pay for council tax and expenditure on maintenance.

5. Seek professional help

Consult a specialist about your investment. Work with them to create an investment strategy to help ensure you receive the best possible return on your investment.

 We at Silks Investments aim to create a partnership with our investors to help them create and expand their property portfolio. Contact us at for your free consultation.