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Leasing your Primary Residence


When purchasing a house, a bank or mortgage company will typically have a set of Standard Charge Terms (SCT) that form part of the mortgage security for the home.  If you purchase a home and later decide to move out but want to retain the home as a rental property, it is important to review the SCT to ensure that you are allowed to rent the property.


Many SCTs will allow conversion from owner-occupied to tenant-occupied, but require the lender to be informed of this change.  In addition they will also require the lender to consent.  Some lending institutions may require some forms to be completed, and your interest rate may change.

The reason why a lender reserves the right, through the SCTs, to deny you the ability to rent your home is that lenders will typically have a higher monetary investment in your home.   The lender needs to protect that investment by knowing who lives in it.  An owner-occupied home is less risky than a tenant-occupied home.

Reading the SCT incorporated into your mortgage is one method to determine what are your rights with respect to renting your own property.  If you would like us to tell you what are your rights under the SCT, call Noah Potechin at 613-563-6692.

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Merovitz Potechin LLP
300-1565 Carling Avenue
Ottawa, ON K1Z 8R1

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