smaller text
bigger textIt's a big relief having no mortgage
Christopher Bluck and wife Rita stepped off the property ladder for seven months when they sold their two-bedroom house in Birmingham and moved to Paignton in Devon to be close to their son.
The retired couple wanted to move closer to their only son, his wife and their two young grandsons. However, 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 ideally wanted to give each grandson a lump-sum inheritance, pay off some debts and live comfortably.
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 see us as often as he’d like whilst we lived in Birmingham. We really couldn't afford to buy anything in Devon - if we had we would have had nothing left to live on. So we found a better option - we bought a Lifetime Lease on a lovely apartment in a picturesque setting.”
The Blucks new apartment was on the market for £205,000 but they bought the Lifetime Lease on it for £135,000. Mr Bluck says: “Security becomes a big issue when you get older and our new home feels very safe. As it is new there isn't the maintenance involved. Our old house in Birmingham was a becoming a bit of a hassle. We also wanted to free up some cash, which we have achieved. We have gifted 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 and we have no mortgage or rent to worry about. We have a nest-egg and we 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 country. 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 my 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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