Lodgers help beat the credit crunch
Homeowners wishing to offset the affects of the credit crunch should consider renting out a spare room, Abbey Mortgages has suggested.
Research conducted by the Santander-owned group revealed that UK property owners could be raking in an extra £63.4 billion a year by leasing spare bedrooms out to lodgers.
The report indicated that 18.2 million properties currently have at least one uninhabited spare bedroom.
With the average monthly asking price standing at £289 per month, people struggling to pay their mortgage could raise nearly £3,500 extra every year.
"With income being squeezed in so many ways, those looking to raise some extra money may find that their spare room could provide the answer," explained Phil Cliff, director of Abbey mortgages.
"Demand for rooms is likely to be fairly high too … with the government providing tax free incentives for landlords," he added.
Last month, Abbey overtook Halifax as the UK's largest provider of new mortgages.
UK Property News posted on 14/08/2008 15:54:18
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