What are the rules concerning renting out my property while renting another property for me to live in?
You can rent out your own property but have to inform your mortgage lender that you are going to do so and they will probably add a percentage to your mortgage to cover this.You must also take out a landlords insurance to cover non payment etc and of course you have to have a fire,gas and electric check done on the property before you can find a tenant.Tax would be payable on any profit made after deduction of mortgage payments,insurance and an amount allowable for wear and tear and agents fees if you go through one to rent your property out.Other than the aforementioned there is nothing stopping you from doing this and could be a good plan to hold out from selling until things improve in the housing market.
