If you want to (move home) purchase a property, it is important that you establish how much Stamp Duty you need to pay so that you can budget for this before making an offer.
Stamp Duty is a land tax which applies to any property purchase over £125,000 and the amount of Stamp Duty owed will be calculated similar to the income tax system.
On residential properties, Stamp Duty can range between 0-12% dependent on the purchase price of the property.
This calculator will give you a guide on how much your property could be worth based on how long you are planning to keep it and what the likely annual increase in property prices will be.
Note: the average house price increase taken from the past twenty years is 5%
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.
Your property may be repossessed if you do not keep up repayments on your mortgage.
There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.