can i rent out my house if i dought it at a discounted rate?

I bought a house 3 years ago on my own and obtained 30% discount. I am now struggling to meet my mortgage repayments. I cant sell the house because it is worth less now than what i paid for it. Can i rent it out for a bit untill i get back on track? It’s not shared ownership.

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4 Responses to “can i rent out my house if i dought it at a discounted rate?”

  1. nogginiman says:

    I don’t think that would be a problem but I would think that you would have to tell your mortgage provider..also there may be insurance issues
    good luck mate!

  2. DudeMatt says:

    You’re in the same position as quite alot of people at the moment.

    As far as i know theres nothing stopping you from doing it, but maybe you will find it hard to find tenants as theres more competition out there now, but then again there are people that need a place to live and cant get a mortgage because of the credit crisis/economic climate.

    Seek professional advice as youll need a tenancy agreement/ contract to be drawn up by a solicitor.

  3. old.holly265 says:

    You need to check the terms of the discount arrangement. If these were that you have to use the property as your only or main residence for a specific time, then that is what you must do. Otherwise, you will be in an even worse position of having to immediately pay the discount back.

    If there are no such restrictions then you are able to rent it UNLESS your mortgage is for owner-occupation only.

    In any event, you are still legally able to take in a lodger to help with the costs.

  4. WelshLad says:

    If you are going to rent it out, then read everything on landlords and tenant rights.

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