Affordability

Most people finance the purchase of a property by selling their existing home and may even release some capital in the process.

However, in the event that there is not sufficient money available from this source and provided the person wishing to buy Very Sheltered Housing is in need of the services, then it is possible to have assistance to purchase the property and have sufficient funds to live comfortably.

Because the circumstances of different people vary so widely, confidential advice is available from Retirement Security Ltd. for anyone who is interested.

Many people are initially concerned about the purchase price of a property. If there is a shortfall between the purchase price and the funds available an interest only mortgage can usually be arranged with a reputable lender. In some cases the interest may be met via pension credit. For further information follow this link.

Inevitably, the cost of the services provided in Very Sheltered Housing is greater than in some traditional forms of sheltered housing and these costs are met by the service charge.

However, the service charge at each Court is rigorously controlled by the Owners themselves and many retired people are often surprised at the variety of benefits and assistance that are available to them to help meet the costs.

It is also worthwhile considering the individual items in the service charge, many of which will represent significant savings on items which you currently pay for separately, such as window cleaning, building insurance and maintenance and gardening.

The great advantage of Very Sheltered Housing is that in addition to preserving independence, it also safeguards the capital of Owners as represented by the value of their property. In contrast, a move to a care home often requires the sale of the person’s house and payment of the full fees until capital is reduced to £23,250.

The purchase price of an apartment or bungalow is normally within the means of any person who owns a modest property within the vicinity of a Court, who is having difficulty managing in their own home and has no income other than the State Retirement Pension.