Low interest rates

[Postdog]

Got a letter from my building society today, and my payments are now ridiculously low, and that isn't including the expected further cut coming.

I haven't seen but are there any "expert" opinions on how long these rates may last - if for a while it could influence how I do certain things in my life, like getting rid of my lodger.

[sandmaster]

No one knows - but things tend to go in circles so one day rates will be higher.
Best advice - keep the lodger and use the rent to reduce your mortgage as much as possible before rates go up again.

[buildersmate]

Keep the lodger and use the money to pay off your mortgage - unless the lodger insists he also wants a slice of the action (reduced rent) - in which case get rid of.
Don't forget that rental prices are being driven down by all this, as well.

[Postdog]

I see the points made, and the extra money is nice, but having a lodger, especially the one I have (tho in some eyes he is maybe the perfect lodger) is driving me nuts.

I think maybe I'll get rid anyway, then get another if and when I need to.

I think these rates will be with us for a while yet.

[tigersam258]

absolutely. no way to know how long it will be like this but as sandmaster and buildersmate have suggested, keep the lodger as regular income is better than none at all. also they may turn out to be better than a new one coming in. unless they have suggested a reduced rent then is it a case of "better the devil you know"?

[Sasha13]

Until the next general election.

[Whoever]

How secure is your job? With hundreds of redundancies being announced every day, can you be 100% certain that your job will still be there in six months time? And do you have between three and six months expenditure in a savings account to support you if this happens.
If not, I'd suggest keeping the lodger however much he annoys you and use any mortgage reduction savings to help reduce your mortgage. The economic situation is forecast to become very much worse. I'd play it very safe until the end of this year. You may be very glad that you did, despite the frustrations you are currently feeling.