Taking a lodger / Renting
out a room to help pay your mortgage
If
you're having trouble getting together the cash for a first
home on your own, and worrying about how you'll afford the
subsequent mortgage repayments, you could pool your resources?
Buying with a partner or friend enables you to borrow on the
basis of two salaries rather than one and give you more
money for those repayments.
But don't assume that just because you get on
well together, you can live together harmoniously.
Join forces with someone just because you both want to get
on the property ladder, and it could turn into a disaster
that's costly and stressful to unravel.
It
is very importnat that everyone has a stress free area that
they really can call their home. We all need our space...
and familiarity can breed contempt...
If
you're stressing about how you'll afford the mortgage
payments on your new home, why not take in a lodger?
This
puts you more in control of the siuation. Basically, if you don't
get on you can always ask them to move out
Under the Government's Rent-a-Room
Scheme, you can even earn £4,250 a year in rent that's £354
a month to help
with the costs of ownership without having to pay a penny
in income tax on it. See the British government's website on this
here
Of course, you can earn more than this, but you'll have to pay
tax on anything over this threshold.
Or consider
There are other ways to increase your buying power.
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