Help.....renting out my mortgaged property?.....buy to let or consent to let?

lahlahland

Hi all.........sorry if I am repeating another thread but I am in need of some quick help.:wave:

I am wanting some advice on renting out my mortgaged property (1 bed ex local authority ground floor flat). I will be re locating to Spain.

I currently have a variable rate residential mortgage, which has an outstanding balance of £25000. Mortgage term was 15yrs, 10yrs remaining.

Value of property is £65000.

I am looking to borrow an additional £20000 although another alternative is to pay off my mortgage in full (with help from family) and then re mortgage for £45000. Not sure if this would make a difference.

Will I need to change to a buy to let mortgage & if so can I borrow on this?

I already have a future tenant arranged for a min term of 12 mths to rent the property, paying £450 a month.(current mortgage payment is £236 month).
I will not be using a letting agent as a family member will be managing this for me. Obviously a tenancy agreement will be in place & all relevant insurances & safety certificates.

If I did change to buy to let what tax etc would I pay?

Do you know of any good mortgage lenders for my situation?

Thanks for your time x