Rent a room and earn extra money

Sharing your home is an easy way of making a little cash on the side, and one million homeowners currently do just that, making on average a tidy £182 a month from rent.

One in ten homeowners currently have a lodger residing in their home, collecting a total of £3.9 billion a year in rental payments, according to research from Santander Mortgages.

Phil Cliff, Director of Santander Mortgages, said: 'It's interesting to see that so many Brits are weathering the economic storm and showing such entrepreneurial spirit by renting out spare rooms in their home. This can make a real difference to how much money you have left at the end of the month. However anyone with a mortgage who is renting out a room should speak to their mortgage lender first to check they aren't breaching the terms and conditions of their agreement.

Of course, you want everything to be above (room and) board, don't you? You don't have to be a homeowner to rent out a room, and with the government's Rent a Room scheme, you can earn up to £4,250 a year tax-free.

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