As the landlord, you will be responsible for the upkeep of the property, and the tenants may reasonably expect you to foot the bill for any repair work. The costs for this must be taken into consideration when you set the rent.

Letting agents will commonly charge 10-15% of the rent as management fee.

As well as your buy to let mortgage there will be associated insurances to consider, for example life and buildings insurance.

Finally, be aware that the inland revenue regard any net income or gains as taxable. Information regarding the treatment of income tax can be obtained by requesting the following booklets:

IR87 Letting and your home

IR150 Property income and taxation

Other information

The Department of the environment publish a booklet titled 'Tenancies, a guide for landlords', it is available free by phoning 0870 1226236