The first port of call is to go to a qualified accountant or tax consultant for tax advice. Here, you can establish whether purchasing a buy-to-let will be more tax efficient through a limited company or not. Once armed with this information, you can move to step two…

Armed with all the tax knowledge you need, you should then enlist the help of a specialist mortgage consultant. After asking you a few questions to assess your current circumstances, they’ll be able to secure mortgage pre-approval with the lenders who are happy to consider lending to you. They can also provide more information on the mortgage rates available to you and the kinds of fees you can expect to pay. With this info, you can now proceed to step 3…

Return on investment is the critical factor when deciding whether a potential property purchase is worth your time and money. Research the market in your chosen geographic location and across the UK to see what kind of ROI is potentially within your reach. You’ll find that certain areas offer a higher ROI than others. Remember to practice emotional neutrality when weighing up your investment options. Don’t let things like sentimentality, fear or greed cloud your judgement; take an objective look at the numbers and use them to decide whether the investment is worth it. Investigating and assessing return on investment is definitely a tricky part of the process, but if you do your homework you’ll have a better chance of securing a great long-term investment.

Now it’s time to sit down with the seller’s estate agent and discuss the purchase price for the property you’re after. This may seem daunting at first, but if you’ve already tapped into the emotional neutrality mindset as we discussed in step 3, you’ll have a much easier time negotiating for the price you want. Again, make sure you’ve done your research before jumping into negotiations. Look at every detail of the property sale and the surrounding market to evaluate what it’s worth to you. For more tips on negotiating a good deal for your property purchase, take a look at our investment buyer’s checklist.

Once your offer is accepted, get in touch with your limited company mortgage specialist; they’ll be able to start the application process for securing the best SPV limited company mortgage deal on the market. Processing times from application to mortgage offer can take two to four weeks depending on the lender; but once you get your offer back from the lender, it’s on to step six…

Here’s where your conveyancer solicitor will finalise the purchase, by going through the paperwork and making all the necessary checks to ensure legal ownership of the property is passed onto your limited company. Once everything is in order, they will move to exchange of contracts and set a completion date for the purchase.

Upon completion, you will be handed the keys to your new property! Now it’s time to start letting. You can source tenants yourself if you prefer, but if you don’t have a lot of time to manage lettings or to keep on top of the latest regulations, you’ll be better off talking to a dedicated letting agent.