New to the landlord game, got a few questions...

Danstable

Please bear with me....

I've been a reader of these forums for ages but now I really need some help!

I'm just about to be launched into the Landlord world and could do with some help. I've had a look around but can't find anything that relates directly to my situation. Also, my question covers a few topics so I thought it best to post it here.

I currently live in my own property with one tennant who pays less than the minimum 'non declarable' amount in rent. I plan to move out of the area (and rent with a friend), and want to rent out two more rooms which will bring the total annual income to £9,900. All tennants will be good friends of mine and they will be on a combined agreement.

At present I have a personal mortgage with 10 months until the end of the fixed rate period and penalties to pay if I change before then. I have normal building and contents insurance, nothing more.

I need to know what to do!

1 - Do I nave to inform my mortgage provider if I no longer live at the address and rent it out? Or do I wait until renewal time and then switch to a buy to let?

2 - What about insurance, I guess I'll have to take out a different type, any advice?

3 - Tax! What do I declare and how do I declare it? Any tax benefits??!

4 - What about these new pension allowances that relate to investment in property, could these be of help to me?

Finally, I did always intend to switch this property to a 'buy to let' mortgage in 10 months. With the intention of getting a personal mortgage on another property. A shock job offer has meant this all has to happen asap (except for having to buy another property).

Thanks in advance for any advice you can offer.....and hello to you all!

Dan