We downsized to go mortgage-free and enjoy retirement between Spain and the UK

Teri and Chris Gooch are planning to enjoy their retirement living between Spain and Essex after downsizing from their four-bedroom property and going mortgage free in the process. The couple, who are 58 and 63 respectively, bought their retirement home near Dénia in eastern Spain, around a decade ago and have been renovating it on and off since. But they have now opted to move from their four-bedroom house in Suffolk to a three-bed home in Manningtree, Essex, to “free up cash to enjoy retirement more,” and spend their golden years between Spain and the UK. Their four-bedroom home had a small repayment mortgage on it but the sale covered the majority of the cost of their new home, allowing them to buy outright. (Photo: City & Country)

Only working for extra spending money

Chris, who describes himself as “essentially retired” bar some occasional consulting work, said the extra cash they save through not having a mortgage gives them the chance to enjoy their retirement more. “It’s extra spending money. It allows us to go out for meals, do things out in Spain and the UK. The downsizing also means there’s less housework, as we have a smaller house,” he says. The pair say their decision to downsize has worked out well for them, as they don’t feel they’re missing anything from having a smaller home. “We feel as if we have just as much living space, we were essentially just storing clutter before and we thought it was getting ridiculous,” says Terri. (Photo: Richard Drury/Getty)

Pricier in the UK

Their children are in their thirties and have left home, meaning they did not need the extra space, and living between the two countries allows them to spend time with their grandchildren in the UK while also enjoying the lifestyle out in Spain. Chris says he estimates costs when the couple are on the Continent are around “20 per cent cheaper” than they are when they are back home in Essex (Mistley Towers, Manningtree pictured), thanks to lower shopping costs, bills and more. The pair don’t spend fixed parts of the year in Spain, choosing to flit between their two homes on a regular basis, and cannot stay for more than 90 days in a 180-day period. “If we hadn’t downsized, we’d have still tried to live between the two countries, but we’d have had less to spend,” says Chris. “We’d have maybe done it, but in a cost efficient way,” he adds. “We did have the choice of moving overseas permanently, but we decided to downsize and keep a base in the UK to stay close to family. Both myself and Chris still support my elderly father and love to help and babysit our grandchildren whenever we get the chance so this way, we get the best of both worlds,” says Teri. (Photo: Getty)

But Spain has its downsides too

But both say there are disadvantages to Spain too, when compared to the UK. Among other things, Teri says the tea bags they sell in Spain are not as good as in the UK, and Chris says he would miss playing golf back home in Essex. But the couple say they would recommend to others that they try their lifestyle. “Personally, if you can afford to have two homes, I’d recommend it. You’ve got two homes to upkeep but we’re very lucky. Having a UK-base is so important to us, as this is where our family is but also having a Spanish home to escape the wet English weather is a blessing,” Teri adds. (Photo: Kseniya Ovchinnikova/Getty)

One way to tackle the housing crisis?

Getting couples who have had children leave home has often been touted as one way to tackle the housing crisis, as it could free up the supply of larger homes for families, who may otherwise be unable to afford them. But experts say it still remains relatively uncommon. Richard Donnell, executive director at property website Zoopla, told The i Paper: “For people in an average three-bed there isn’t as much money in downtrading. It tends to be more financially appealing for people in larger homes who may have more wealth.” (Photo: Joe Giddens/PA)