This guide discusses the things to bear in mind if you're considering becoming a landlord and getting a buy to let mortgage. We will cover the five common mistakes made by new property owners and five must-dos for smart landlords, designed to give you the best possible start on this side of the property market.

Ultimately, owning a buy to let property is an investment and one that has the potential to generate both an income and capital gain. A buy to let mortgage lets you borrow the money you need to buy the property; the rental income generated then goes towards meeting the mortgage repayments.

It's not always guaranteed income and there's a lot of work involved … but if done right, it can become a successful long-term investment.

If you're considering investing in a buy to let property, think about what you want to achieve from it. Are you more interested in generating an income or capital gain? Is it to supplement your pension in retirement? Having a clear strategy will help you make the right decisions.

1. Falling in love with a property you'd love to live in yourself. The number one rule here is that your property needs to meet the market requirements and match the desire of your target tenant.

2. Furnishing the property with second-hand furniture or hand-me-downs. There's a high chance these will breach the furniture and furnishing regulations.

3. Buying a property that needs a heavy makeover or ongoing maintenance. Large gardens, old roofs, vintage interiors – they all require a lot of upkeep … and do little to enhance your rental value.

4. Leaving the property under the supervision of a friend or relative while on holiday. Your tenant relies on you to respond to problems immediately – they're paying you for that service. This is why a lot of landlords go down the letting agent route, so there is always a reliable contact looking after the investment.

5. Failing to secure a tenant's deposit in a government deposit scheme. This can leave you exposed to the tenant prosecuting you for a much higher value than the deposit's worth.

1. Stay longsighted. Your investment is long-term here and the benefits can be great. It is not a get rich quick scheme.

2. Work out a reasonable rental fee that not only covers your mortgage repayments but also any fees you're paying in relation to the management of the property (i.e. paying a letting agent). On top of that, account for your own profits – some of which ought to be banked to cover any repair costs which may crop up. Our calculator can show you how much rent you should charge.

3. Invest in your kitchen and bathroom to ensure they're both at their affordable best. These are the main rooms a tenant will look for when choosing a rental home – because they're not going to invest any money into these rooms themselves.

Let to Buy is when you buy a new home to live in but keep your current home and rent it to tenants. The mortgage on your existing property will be switched to a Buy to Let mortgage, allowing you to take a residential mortgage on your new property.

The main benefit of Let to Buy is that you don’t have to sell your existing home to buy a new one.

This can be a big advantage if you’re struggling to sell your current property but need to move to a new house, or if you need to relocate to a different area and one day would like to move back.

Letting to Buy means you’ll own two properties, so will benefit if house prices rise in future. You’ll also receive an income from the rent on the property you let out.

Owning two properties is a big responsibility, and you’ll need to able to cover the costs of maintaining both homes.

You’ll also have two mortgages and must be prepared for the fact that you may experience ‘void periods’ when you don’t have any tenants living in the property you’re renting out.

Another potential disadvantage is that Let to Buy mortgage rates are not as competitive as residential mortgage rates because of the increased risk for lenders. You’ll also have to pay steeper Stamp Duty charges when you buy your next property, as there are additional costs for those buying a second home.