In our Money Morals series we invite readers to help solve a dilemma. This week, should you charge a friend ‘mates’ rates’ for renting your spare room or should you make a profit?
Read the question and please leave your answer in the comments at the bottom of the article.
Mates’ rates: Is it fair to charge my friend enough rent to cover my mortgage repayments?
My friend has asked whether she can rent my spare room, probably for a year.
I don’t know how much rent I should be asking her for.
The going rate for renting a room in a shared house in the area is £100 more than my full monthly mortgage repayment, but is it really fair to make a profit?
The way I see it I have three options, but don’t know which is fairest.
I could charge her the going rate for a room in the area.
Alternatively I could ask for enough money to cover the mortgage, which would still save her money and I would have my mortgage paid for a year.
Or we could split the cost of the mortgage down the middle and both pay the same – after all I will still be saving money by having her contributions.
I am also worried about damage to the flat as I have just refurbished it. Can I ask for a deposit?
Have you got a Money Moral?
Do you have a money or consumer related dilemma? Do you wonder what others would do in the same position?
Send us your question to email@example.com with Money Moral in the subject line and we will consider it to pose to This is Money readers.