UK Money News
22nd April 2008
More homeowners renting out spare rooms
Savvy homeowners are seeking to mitigate the impact of higher mortgage repayments by taking in lodgers, it has been revealed.
According to a survey conducted by SpareRoom.co.uk, over the last 18 months the number of homeowners who have rented out rooms has grown by 100 per cent.
Meanwhile, the number of landlords who are choosing to live-in their property has grown from 400,000 to 700,000.
Matt Hutchinson, a spokesperson for site, said the trends can be attributed to lenders increasing repayment rates on their mortgage products in the face of the credit crunch.
He said: "We are finding more and more people using their empty bedrooms for income to keep on top of their mortgage payments.
"It is a great way of generating extra cash and can be the perfect short-term solution while you wait and see what the housing market does over the next year."
News of the survey comes as government figures indicated that 1.4 million homeowners are planning to re-mortgage their property this year, most of whom are likely to face significantly increased repayments.
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