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Retirement home


The article on pensions (NCE 5 July) was very informative but did not tackle the problem of many people, like myself, in their late forties or early fifties, who have not managed to build up much of a pension fund.

With children at college it is very difficult to set aside the sums of money you need to provide a decent pension.

As a solution I opted, at 48, to buy two properties, using my house as security and repaying the loan interest with the rental return. The properties have increased in value by a factor of 1.7 in five years, providing further capital to purchase two more.

If property continues at its historical cycle of inflation I expect to be able to pay off three of the four within 12 years.

However, a word of caution - it is not straight forward. Get to know an estate agent and read every book you can lay your hands on before buying your first property.

Barry Ross (M) bsross@cwcom. net

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