How High Mortgage Rates Forced a Family to Move to Portugal
When Tanya Love’s monthly mortgage bill for her London flat quadrupled in a matter of months, she faced a tough decision. The soaring costs led her to relocate her entire family to a rural cottage in Portugal near Lake Alqueva. Here is the story of their unexpected journey.
Finding a New Home in Portugal
While on holiday visiting family, Tanya and her partner stumbled upon a small home in need of renovation in the Alentejo region of Portugal. The picturesque area, close to the Spanish border, captured their hearts. They purchased the two-bedroom house for a bargain price of £60,000 and planned to transform it into a holiday retreat.
A charming house in need of renovation
A Drastic Move
Two years later, Tanya, her partner, and their two-year-old son now reside in Portugal full-time, renting out their London flat on Airbnb to cover the London mortgage. The unexpected turn of events forced them to adapt to a new way of life in response to financial challenges.
Financial Struggles and Tough Choices
Tanya’s London flat, purchased in 2008, became a financial burden when interest rates surged, causing their mortgage repayments to skyrocket. The sudden increase in expenses left them juggling childcare costs and mortgage payments, prompting the move to Portugal for financial relief.
Embracing Change
Despite the uncertainties, the family has settled well in Portugal. The affordable childcare, relaxed lifestyle, and supportive community have provided a much-needed respite from the financial pressures they faced in London.
Looking Ahead
As they navigate the transition to a new country, Tanya and her partner are preparing for the future. Long-term plans remain uncertain as they weigh the implications of renting out their London flat and the eventual repayment of the mortgage.
Conclusion
The Love family’s story reflects the challenges many face in the current economic climate. Their bold decision to relocate to Portugal highlights the lengths individuals go to secure financial stability and a better quality of life.
