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I'm fed up with my budget - advice needed

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  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    If you move out and let the entire flat you will have to consider income tax, periods where the property is vacant, the possibility of having to evict tenants who haven't paid or trashed the place. Can you afford to pay the mortgage without letting income? Have you considered the effect of capital gains tax when you sell the flat, as you say you have already let it out?

    If you take in a lodger you can give notice at any time, lodgers don't have the same rights as full tenants. I'd move into the smaller bedroom and let the larger one as a bedsit - if the lodger has the larger room they will be more inclined to spend time in it and will pay you more for the privilege. Also get rid of your car if you haven't already as cars always cost a fortune to run, you've said you are driving the works van home.
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
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