Home owners turn to lodgers to meet mortgage repayments

Home owners are increasingly turning to lodgers to help pay the mortgage, reveals a survey from Zurich Financial Services.

One in five people questioned say they cannot afford the repayments on their mortgage without the additional income of a lodger. An additional 4% say renting a spare room was the only way they could afford to get on the property ladder.

But the survey also shows that lodgers are costing home owners dear. Nearly one in five say they have suffered damage to their property. And 18% of home owners who brought in a lodger to give them a financial helping hand, say they endured late rent payments.

Worryingly, 75% of those questioned did not vet their lodger in any way before inviting them into their home.

Maria Donald, spokesman for Zurich, says: “Property prices and the cost of living mean many home owners are feeling the pinch. Bringing a lodger in seems like the perfect way to earn a bit of extra cash if youve got a spare room, but as this research shows, it does need some careful thought and planning beforehand. “

Zurich say those considering renting a spare room out should always thoroughly vet potential lodgers, through interviews, references and rental history. They should also check with their mortgage lender that it is viable for them to take in a lodger.