Lodgers 'could prevent people taking secured loans'
14/08/2008People in the UK could find that they are spared from taking out a secured loan if they rent out rooms in their home to lodgers, it has been claimed.
According to research from Abbey, 1.6 million homeowners are currently considering letting out a room, perhaps due to the credit crunch.
It added that the unused bedrooms across the UK could net them a combined £60 billion in extra income every year.
Director of Abbey Mortgages Phil Cliff stated that "demand for rooms is likely to be fairly high too".
"With income being squeezed in so many ways, those looking to raise some extra money may find that their spare room could provide the answer," said the official.
This comes as football club Portsmouth FC has admitted that they have had to refrain from spending too much money this summer, due to the credit crunch.
 © Adfero Ltd
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