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bigger textIt's a big relief having no mortgage
Christopher Bluck and wife Rita, both 76, stepped off the property ladder seven months ago when they sold their two-bedroom flat in Birmingham and moved to Paignton in Devon.
The retired couple wanted to move closer to their only son and wife and their two grandsons. But they were unable to afford the kind of property they wanted in Devon without spending everything they had, leaving nothing to enjoy their retirement. They also wanted to give each grandson a lump-sum inheritance, pay off some debts and live comfortably in their new life.
Mr Bluck, a former hydraulic engineer, said: ‘We were anxious to move closer to our son and his family. He felt that he couldn't look after us in the way that he wanted to with us in Birmingham after he moved to Devon 18 months ago. We really couldn't afford to buy anything down here - if we had we would have had nothing left to live on. So we sold up and bought a Lifetime Lease on a one-bedroom purpose-built retirement flat. It means we repay the amount we've borrowed when we die or decide to sell - and don't have monthly repayments.'
The Blucks new retirement flat was on the market for £105,000 but they bought the Lifetime Lease on it for £65,000. Mr Bluck says: ‘Security becomes a big issue when you get older and our new block is very secure. Because it is new there isn't the maintenance involved. Our old house in Birmingham was a becoming a bit of a hassle. Also we wanted to free up some cash which we have done. We have given both grandsons £10,000 each and have around £30,000 left for ourselves. The way we see it is we want to be around to see our family enjoy their inheritance. Whatever's left they will get too, but in the meantime we have paid off our debts, have no mortgage or rent to worry about, have a nest-egg and have been able to move to a more expensive part of the country to be with our family. The spare cash means we can get out and about and really enjoy exploring this part of the world. We've been here just over six months now and it feels like we are on an extended holiday.'
‘I thought it might feel strange to no longer own a property but actually it's a bit of a relief not to have the responsibility any more. We moved through Homewise and, although we could have organised it all ourselves we found it much easier and less stressful to have them do everything for us.'
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