As interest rates begin to creep up and the mortgage repayments become a bit more expensive, you may find yourself looking for ways to economise. But if you don't fancy tightening your belt any further, why not consider making some extra money from your spare room by taking in a lodger?

But before you fling open your doors to the first person willing to pay the rent, it's a good idea to do a bit of homework.

Choosing the right lodger can seem like a daunting prospect as, unlike tenants who rent an entire property, they are essentially paying guests in your family home. This means that, as well as making sure they will be able to meet their financial commitments, you will want to be certain that they are trustworthy and will fit in with your lifestyle.

At the start of the process, think about your reasons for taking a lodger in the first place as this can help you narrow down the kind of person you want. Ask yourself whether it is just for financial reasons or are you looking for someone with whom you will also have shared interests.

If it is the latter, then you may be able to direct your enquiries around clubs and groups that take part in the things that interest you.

However, for most people, the reasons for getting a lodger are likely to be financially driven and adverts placed in the local press are likely to yield the best results.

Think about the kind of qualities you are looking for. An ad saying lodger wanted' is going to get a wide range of responses, so if you have specific requirements, make sure you mention them. Do you want a professional person, a non-smoker, male or female? All these factors can be included although it's good to remember that being too specific could narrow your search.

Interviewing prospective lodgers is probably the part that is most difficult and, as always, safety is important. If you live alone, invite a friend round to sit in when you are doing the interviews.

If you are still a bit wary, why not meet on neutral ground such as a pub or a cafe? You can then shortlist candidates before you invite them into your home.

Have a list of questions ready so that you find out everything you want to know, but remember that the candidate is also likely to have questions so make sure you have information such as rent, bills, council tax and any house rules to hand when they arrive.

Once you have selected someone, it is a good idea to do a bit of extra screening before you make your final choice. the rental website www.landlord zone.co.uk has a lodgers application form available to download for free (click on agreements') and that can guide you through the details you will want to know. It is also a good idea to ask for references and make sure that you check them.

One way to reduce the likelihood of getting an unsuitable lodger is to ask friends and family if they can recommend anyone. This can give you a bit of peace of mind and make the whole screening process a little easier.

However, inviting someone you don't really know to live in your home is always going to be a risk and no matter how thorough your interview technique and reference checks, there is always the possibility that you wont get on. But by taking the time to go through a screening process, there is a much higher chance that everything will go smoothly.

For more information on taking in a lodger, visit www.landlordzone.co.uk