letting out my flat and living as a lodger

want2bmortgage3

i can see this being the only way i will be able to overpay on my mortgage.

currently i'm in the red every month, and my only option would be a lodger to live with me, which would bring in an extra 300 a month approx.

for the next 9 months or so i have the option of renting a room with a friend, with bills all included. letting out my flat should pay for itself, so financially i should be better off each month.

i'm also thinking long term, if i'm still single and happy with a room in shared house then i could do this for a longer period and try to pay of a few hundred extra each month.

i guess its quite extreme but i'm still quite young and enjoy my freedom, i dont fancy being stuck in this area for the next 10 years. anybody else done a similar thing to help pay off their mortgage?

Welshlassie

you have to ensure that the flat is rented out and you are paid the rent, could you afford to cover the mortgage if it was empty or not rented?

You might find if you post a statement of affairs there are areas you can cut back on. In order to be justifying OP's you need to know exactly where every penny is that you spend so you know you really can afford if. You should also have 3-6-9 months worth of income saved before you start on the OPing.

StuartGMC

Letting out a room is one thing (do check your insurance policies though on any limits on cover that this would lead to) but, leaving and renting it out in total is another matter all together and one to check with your lender about first.