Take in lodgers for debt help

More homeowners are deciding to take in lodgers in order to boost their finances and ward off the need for debt advice.

A survey by insurers LV= shows that 15 per cent more people have let out their spare room for a bit of extra cash in the last three years.

On average, doing so brings in an average of £4,700 annually.

The report indicates that paying the mortgage and redundancy are two of the main reasons for taking in a lodger.

Kevin Still, director of Atlantic Financial Management, remarks that "if you are struggling with paying the mortgage or have debt problems then it can require you to make sacrifices to generate more household income."

However, he warns that "you should check that your mortgage provider allows you to have a tenant as an amateur landlord."

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