Before you buy, you'll need to work out which property will be your main residence and provide a mortgage lender with evidence for this. This is because when you come to sell property, capital gains tax is due on it unless the property is your main home.

You'll also need to factor in purchase costs, which are higher on a second home than a first home. In April 2016, the government introduced a new stamp duty charge for those buying a second home. The usual stamp duty applies, but there is now an additional 3 per cent to pay if you are buying a second home. You'll have to pay this 3 per cent even if the property you're buying comes in under the £125,000 threshold.

There's also the usual legal, valuation and mortgage fees to pay.

It's important to be sure that you can afford to repay both mortgages out of your income. Lenders will want to see evidence that you will be able to meet repayments comfortably, so if you're already stretched paying your first mortgage, then it's unlikely you'll get a second one.

If you do decide to remortgage to release some money to buy a second home, it's a good idea to do this through the same mortgage broker you use to arrange the mortgage on the second home. Increasing the amount you pay on your first mortgage will affect what you are able to borrow on your second.