But the solution to this financial mess could be staring you in the face. Your home is usually your biggest financial commitment but it is also your biggest asset.
A spare room, for example, could be a real money-spinner and you are allowed to earn up to £4,250 without paying tax on it through the government's Rent a Room Scheme. You don't even need to declare this income if you don't normally complete a tax return as the exemption is automatic. You can advertise on listings site Gumtree.com or in local shops and colleges, or use dedicated websites such as Spareroom.co.uk and Easyroommate.co.uk.
A spare room, for example, could be a real money-spinner and you are allowed to earn up to £4,250 without paying tax on it through the government's Rent a Room Scheme. You don't even need to declare this income if you don't normally complete a tax return as the exemption is automatic. You can advertise on listings site Gumtree.com or in local shops and colleges, or use dedicated websites such as Spareroom.co.uk and Easyroommate.co.uk.
The pips are beginning to squeak in middle England with lenders hiking up their standard variable mortgage rate of late. Many people will be mortgage "prisoners" unable to move to another lender and stuck waiting for the next mortgage increase; they may not have to wait too long.
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