In light of the increased number of landlords springing up around the UK, the Money Centre issued some top tips for renting out a property.

Without the proper information, the Money Centre said many landlords could end up breaking the law if they were not aware of rental regulations.

Lynsey Sweales, director of The Money Centre, said: "I think it is a sensible idea for some homeowners to look to rent their properties out - to sell in our current climate may lose homeowners money. It is extremely important however to make sure that any new landlords take action and do their homework with rules they need to work with."

Some of the tips included:

Speak to your lender: Your mortgage lender needs to know you are renting out your home. Some lenders will allow this but the majority won't. Speak to a buy to let mortgage broker who can help you change your mortgage.

Insurance: You need specialist landlord's insurance on your property when renting to tenants, at least buildings insurance if not contents as well should you have it rented out furnished.

Tax return: as a landlord you are now running a business and you will need to complete a tax return. Any good accountant should be able to advise you and help you with the paperwork involved. The Inland Revenue can come after you years after you may have stopped renting the property, or even sold it, so don't forget this tip!

Join The Landlord Association - this organisation is a life line to any landlord. If you have any tenant problems or questions then landlords Associations are a great helping hand. You can find your local one using the internet.