Buy-to-let, for some, is something that's fallen into rather than planned. If you've decided to move in with your partner or have to move away for work, you may be considering keeping your home and getting tenants to move in.
But how exactly do you change your existing mortgage into a buy-to-let? The first thing we should say is: Don't move tenants in without formal permission from your mortgage lender.
As a first step, it is actually worth talking to your current mortgage lender to see if they'd be willing to change your mortgage deal into a buy-to-let mortgage – giving you a consent to let. You would then not be able to move your mortgage with you to your new residential property, however, so consider your current deal carefully to see how you can best take advantage of it.
Don't forget that you'll need to make your own tenancy agreement – the Government offers some guidance for this – and ensure the legality of everything. You'll want to make sure both you and your tenant(s) feel safe and legally protected.
There's a lot involved in becoming a landlord, which can't all be covered here, so your best bet would be to seek professional, independent advice before you take your first step onto that other property ladder.