While you don’t need to own your home, you do need to live there. You also need to let your buildings and contents insurer know so you can inform your lodger whether they’ll need their own contents insurance or if they’re covered under your policy.

“Not all banks like the idea of other people/families living in the same building — such an arrangement may make the options available to remortgage significantly constrained. And, similarly, insurance companies will normally charge an additional premium as a result,” says Christian Warman, Partner, Tedworth Property.