Life homes telegraph

This Telegraph reader’s financial dilemma got all the responses you’d expect but was no less satisfying for it

John Plunkett. Updated February 14th, 2024

No-one anywhere needs reminding that we’re in a cost of living crisis where prices are rising faster than most people’s wages (despite today’s fall in inflation) and luxuries – for most of us – are in short supply.

And for many people that includes the luxury of owning your own home.

So spare a thought for this Telegraph reader who got in touch with the paper’s ‘Money makeover’ column with a home ownership dilemma of their own. An especially Telegraph-like dilemma.

Hmmm, that is a most relatable dilemma!

Here’s a little bit more context, just in case you think it can’t possibly be what it appears.

‘Lee Shortt thought she and her husband were doing the right thing when they bought two flats five years ago near the family home in Kew for their sons.

‘But now, times have changed and the two boys are keen to put down roots in Hackney – one of London’s most sought-after boroughs.

‘Ms Shortt – who is now nearing retirement – had viewed the two buy-to-let properties as family investments. Together, they cost £900,000 and there is still a £500,000 debt on them.

‘Neither are turning much of a profit, with one seeing its monthly mortgage cost shoot up from £500 to £1,400 last year.

‘The mother-of-two recently sold the family home and is renting in the Thames-side village of Barnes with her husband. They have around £2m in a National Savings account earning 3.6pc in interest.

‘Their sons, aged 27 and 31, are yet to get on the property ladder. Both are single, and so Ms Shortt is wary they will need big deposits in order to buy.

‘She wants to help them, but she also wants to know whether she and her husband can eventually retire. The two don’t have huge pensions, having cashed in over the years to pay school fees.’

That’s all we can take of that, unfortunately. To the replies, quick!

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