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This Telegraph reader’s financial dilemma got all the responses you’d expect but was no less satisfying for it
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!
1.
Heartbreaking news in today’s Telegraph pic.twitter.com/ozjmN5o6ZM
— Declan Cashin (@Tweet_Dec) February 13, 2024
2.
The real tragedy is that in order to have afforded this she must never have eaten an avocado or watched Netflix. Sending prayers.
— Dave Louca (@davelouca) February 14, 2024
3.
Fuuuuucccccckkkkkk Offfffffffffffffffffffff
https://t.co/g5FszKNhkQ— Lucy Beaumont (@LucyABeaumont) February 14, 2024
4.
How have they amassed so much money that they can do this, but are unable to assess such a small problem and make a decision?
— Kevin Coward ️ (@kase101) February 14, 2024
5.
I’m no property expert, but I’m pretty sure it’s possible to sell a property on one area and buy another in another area.
— Benno (@Benno1uk) February 13, 2024
6.
The Telegraph has no connection with the real world. pic.twitter.com/M8nrdvtxBr
— Mike Galsworthy (@mikegalsworthy) February 14, 2024
7.
Kew, Kew, Hackney won’t do
Lido, Dalston and pub pic.twitter.com/g32hVnEaR6— Sophie Heawood (@heawood) February 14, 2024
8.
I mean it’s unpopular these days, but sometimes with kids you just have to be strict: if you want to live rent free then you have to live in kew. otherwise you risk spoiling them
— No, Sleep Till Brooklyn! (@bgreysk) February 13, 2024
9.
This is one of those old music hall songs, isn’t it?
Oh, Mrs Hinchcliffe,
Whatever shall I do?
My boys want to live in Hackney
But I’ve bought two flats in Kew— Chris Hind (@HindChristopher) February 13, 2024
10.
I’ve got great news – there’s a direct Overground train every 15 minutes pic.twitter.com/EzLhl5DjhW
— Andy Helliwell (@andyhelliwell) February 14, 2024