Alternative Source Of Income

For homeowners wondering how to better manage their finances the Abbey National is suggesting the idea of taking in a lodger to raise extra money.

There are around 18.2 million houses with a spare bedroom across the UK and each of these could, on average, be worth a little less than GBP290 a month to the homeowner if they rent it out say the Abbey National.

As well as ensuring the person themselves is suitable for the rest of the household the Abbey National recommend checking the terms of the mortgage and also home insurance to make sure there are no clauses that would stop a tenant being brought in.