Lodger agreements 'can provide security'
by Sarah Ashcroft
Homeowners could find there are a variety of benefits to setting up lodger agreements
for rooms in their properties, an expert believes.
Tom Entwistle, director of LandlordZONE.co.uk, explained that one of the biggest perks is the security of having a lodger.
He noted that when the property owners go away, it can be reassuring to know that someone else will be looking after the house.
"Taking in lodgers is a good way to earn extra income, sometimes tax free - see the HMRC Rent a Room Scheme
where £4,250 [of] income can be tax free," Mr Entwistle continued.
This can help first-time buyers afford their first home at a time when securing finance can be difficult, the expert noted.
Research from first direct recently revealed that by renting out a room for just five years, homeowners can make significant reductions to their mortgages due to overpayments.
- Landlord and Tenancy News from Lawpack: Solicitor-approved lodger agreement template for getting it in writing when you're renting a room
Published on: September 12, 2011
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