There are lots of reasons why you might want to buy a second property. Before you go ahead, make sure it's something you can afford and that you're aware of all the potential costs involved.
Standard Stamp Duty rates range from 2%-12% of the property price. This tax is payable on properties over £125,000.
If you buy an additional property you'll have to pay an extra 3% in Stamp Duty, regardless of the purchase price of the property.
You'll also have to explain the purpose of the second property.
You can then apply for a second residential mortgage to help buy your new home
If you get a mortgage for a holiday home, you won't be able to rent it out. If you're intending to rent it out you should apply for a commercial loan
NatWest mortgages are available for over 18s on UK properties.
The amount you earn in rent will have to exceed an agreed percentage of your monthly mortgage repayments
Some lenders will limit the amount you can borrow to buy a rental property, or the number of buy to let mortgages you can have
NatWest mortgages are available for over 18s on UK properties.
If you're considering buying a property at auction, our guide can help you understand what's involved and what costs you may have to cover.
