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Scottish Trust Deed Forum
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Topic starter
18/05/2011 10:38 pm
Hi,
I am currently in a trust deed and have a couple of questions. Firstly, I entered the TD with a mortgage on my home that is in negative equity and have a conditional offer for a 3 year job in England, is it possible to rent my house out to someone and also rent a property at the location of my new job? Also if so, what type of complications can arise from this?
Secondly, the agreed monthly payment of my trust deed was against a salary I was receiving at the time of my signing, since then my wage has decreased due to overtime being cut unexpectedly and the price of fuel is crippling me, is it possible for me to decrease the payments at all as things are becoming increasingly tight financially.
kind regards
19/05/2011 8:24 am
Hi Bryce
I see no reason why you can't rent out your property in the circumstances described, although you would need to ensure the income from the rental covered the costs. I think there may also be an obligation to inform your mortgage company.
Regarding the contributions, you could look to reduce these, but extend the Trust Deed period.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
