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Scottish Trust Deed Forum
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Topic starter
03/08/2014 2:48 pm
Hi
I'm just looking for advice. I've had another baby and our home is too small.
Am I able to rent out my property? My husband did have a trust deed and his is finished now so we are thinking of renting out a bigger home in his name. The mortgage is only part of my trust deed as we were not married when I took out the ptd and mortgage is only in my name.
Am I able to do this? I have about a year left to pay on my ptd.
Thanks!
03/08/2014 4:15 pm
Welcome to the forum LCH30.
Yes, that's entirely up to you.
Just be aware that because your circumstances are changing you should keep your trustee up to date.
Hopefully your trust deed payment will still be affordable? If you become better off as a result of the change it might result in your monthly payment increasing, but it will still be based upon affordability.
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03/08/2014 5:43 pm
Hi LCH30
We have a number of trust deeds where properties are rented out with no issues.
The only matter which may be a factor is the rental amount if this exceeds the mortgage, then any surplus may be looked on as income. I don't see it bring an issue, knowing all the associated costs etc, but best run this past your trustee.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
03/08/2014 9:13 pm
If it makes financial sense then I can't see why your trustee should have a problem with it, but as the others have said, you must let them know and they may review your contributions.
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