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MONEY COMMENT
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One of the easiest ways to make money is to get a lodger. It's not something that occurs to people especially if they've got children because there's an assumption that a lodger is going to be someone in their 20s who won't want to live with a family. This isn't necessarily the case because there are plenty of people who need short-term accommodation while working temporarily on business in another town and who don't want the expense of a hotel. In fact, these are often the best type of lodger because they go home at weekends! Under the Government's Rent a Room scheme you can let out a room in your home for up to £4,250 a year tax-free. That's just over £80 a week of free money and it's a pretty painless way of 'earning' it although it also includes a share of the utility bills. It makes sense to check out people's references and credit records and you should also contact your lender and your insurer to make sure they're aware of the situation. And get your lodger to sign a tenancy agreement which will enable you to let on a month-to-month basis with both parties being able to end the tenancy at fairly short notice. An up-front deposit and a month's rent in advance will also ensure that you're covered if they decide to do a runner leaving you with a massive phone bill! Amazingly enough, you can use the Rent a Room scheme when applying for a mortgage. The Bradford & Bingley's mortgage brokers, The Marketplace, will allow you to add the expected rent on to your income when applying for a loan – something that is particularly useful for first-time buyers struggling to get on to the housing ladder. Bear in mind that the allowance of £4,250 a year is based on the property and not per person so if you're a couple, the allowance will be half each. You'll also need to notify your mortgage provider and insurance company. More: Homeowning Centre | Rent a Room guide Red Nose Day Clue 2: These savings plans linked to mortgages have disappointed recently. A new clue will be published in one article each day this week. Take the first letter of each answer, solve the anagram and reply to Friday's lunchtime e-mail with the complete word. For each correct answer the Fool will donate 10p to Comic Relief.
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