Subscribe to The Money StopNews Feed

Browse > Home / News, News-Mortgages / Brits try and make ends meet by taking in lodgers

Brits try and make ends meet by taking in lodgers

September 9, 2009 by admin  
Filed under News, News-Mortgages

Leave a Comment

In the ongoing difficult financial climate many households in Britain have been struggling to make ends meet, and this situation has been made worse by the ongoing recession, which has resulted in soaring unemployment levels leaving many households with a vastly reduced income.

According to a some households have found a way to try and increase their income levels, and this is through taking in a lodger.

Research that was recently carried out has shown that a rising number of households in Britain have been taking in lodgers to try and increase their income so that they can meet the mortgage repayments or rent, and keep on top of bills and other financial commitments.

The research was carried out by Abbey Mortgages, and found that more and more Brits were offering a room to a lodger so that they could make more money.

Over the past twelve months the number of UK households that have been taking in lodgers has tripled according to the Abbey research, and the potential income for households taking in lodgers stood at £6.3 billion.

One official said that it was well worth considering getting a lodger if you have a spare room, as this could earn you thousands of pounds a year. He said: “If you have a spare room that’s gathering dust, its worth considering a lodger and earning £4,716 a year.”

Officials have also said that in the current climate taking in a lodger can help both homeowners and those looking for accommodation, as it means affordable lodgings for those that need to find somewhere to live and it means that homeowners can increase their income, which could help to keep up with mortgage repayments and decrease the chances of being repossessed.

Tags: Mortgages, twelve months, recent report, Insurance, Brits, lodgers, rent room

Tags:

Related Entries

  • Payday loan repayment delays can lead to hefty charges
    • According to a recent report there are now many people who take out payday loans in order to bridge the gap between paydays. With the cost of living soaring, petrol prices having rocketed, bills going
  • Interest rates unlikely to increase this year
    • A recent poll has suggested that the base interest rate is unlikely to be increased over the course of this year, which is something that will bring relief to many homeowners and borrowers who are
  • Streamline your finances for the year to come
    • We have all had a gruelling year when it comes to our finances this year, and with the year starting with the continuing global credit crunch and ending with the recession things still look very
  • You don’t have to sell up to make money from your home
    • The years of the property boom seem like they were a long time ago, but in reality it has only been a couple of years since the property bubble exploded with a resounding bang. During
  • Polite Brits avoid money talk
    • Brits shy away from the "rude" topic of money in conversation, according to Fool.co.uk.The website ran a study called Let's Talk About Money, which showed 30 per cent on the 1,500 UK adults asked, stating
  • Renting out your home short term could be made more difficult
    • For many people in the past being able to rent out their homes when they are away for a period of time has been a great way to raise a little extra cash as well
  • Can you afford to head off abroad?
    • Traditionally, this is the time of year when many Brits start to think about their summer holidays, with many deciding where and when they want to go and then looking for the best deals so
  • Many expect to be able to survive on welfare
    • It has been revealed in a recent report that many people in Britain feel that they would be able to survive adequately on government welfare in the event that they lost their jobs. More than

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!