Homeowners who are worried about incurring loan charges could consider renting out one of their rooms, as this could help them save money and help with their mortgage payments.Research by first direct has revealed that if a homeowner rented out a spare room for five years, they could shave 29 months off their offset mortgage.Richard Tolchard, senior mortgage product manager at first direct, said: "As long as all necessary precautions have been taken, having a lodger is a really easy way for homeowners to earn more cash and reduce the term of their mortgage."The government's Rent a Room scheme means that there are no tax implications for letting out a spare room up to the value of £4,250 per annum.This equates to an additional £354 per month that homeowners can use as they see fit.SpareRoom recently revealed that many people are choosing to flatshare in a bid to save money.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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