As more and more people are finding it hard to meet mortgage repayments, there are a number of options available to help ease the financial strain. Even though repayment amounts have dropped for many, most of us have experienced a greater corresponding drop in income with many now on shorter working weeks, experiencing pay-cuts and in the worse case scenario unemployment. So ... what can you do?
If you have a spare room in your house, you might consider renting a room. Anecdotally, "digs" are coming back. In the 70's and 80's, most of us had a neighbour with a lodger. This was always a good way to earn a bit of extra cash. The key is to find a tenant that is reliable and that is only there during the week giving you the place to yourself at the weekends. A student might be the ideal option or a professional that does shift work. You are also exempt from paying tax on income up to €10,000 and it is your principle residence. This is the 'rent a room scheme'. I realise that for many this is not ideal but needs must. It"s better than losing your house completely. Be warned! For those on any social welfare payment, it's best to double check that your payment won't be affected by any rental income. There are different rules for different kinds of social welfare payments.
You can find out more about the Rent a Room Scheme on the Citizens Information website.
