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Lodgers help with mortgage

By Western Gazette - North Dorset  |  Posted: October 18, 2012

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A greater number of people across the UK could be turning to a new way of making money by taking in lodgers.

With the cost of mortgages remaining high, and the fact that the average owners of properties for sale are seeing their real wage increases remaining flat, many are looking for additional ways to bring in money.

According to insurance company, LV, this has led to a doubling of the number of people across the country who are now letting out a room to a lodger, with 954,000 people undertaking this venture as a way of making sure they have enough to pay their bills and their mortgage month-to-month.

The recent change from the Government, which affects what people can earn from benefits, has also had an impact, with four per cent of Brits saying they had taken in a lodger to make up for their shortfall in this area.

However, there are also risks, with 20 per cent who have taken in a lodger, saying that their home has been damaged in some way as a direct result of their new tenant.

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