My pension will be decimated by the possible £42,000 bill

PENSIONER Mark Berentzen says his retirement plans are in tatters because of the crippling costs of fixing his flat.

The 58- year- old ( right) is spending more than a third of his pension income on fire patrols, new alarm systems and insurance bills after his property was found to have dangerous cladding. he now faces remediation costs of up to £42,000 and may have to walk away from the property altogether if he is made to pay.

he and his wife bought it for their daughter for £180,000 in 2017 and decided to rent it out after she moved out.

But they have made a loss on their investment because of rising costs and expect to make ‘really substantial losses’ in the coming year and onwards.

his insurance premium was hiked by around 300 pc — from £205 to £815 per year — and he has paid more than £ 4,800 on a 24/7 waking watch and a new alarm system.

Mark says he still has a tenant, but fears that he will be left without one as soon as remediation works begin. If that happens — and he is forced to pay for repairs — he will have to hand back the keys.

The former IT manager, who lives in Manchester, says: ‘Nobody is able to sell their flat under these circumstances and therefore our property, our investment, is effectively worthless.

‘ It just makes you feel sick. Thinking that we might lose our flat that we bought with my inheritance from my mum and dad.

‘My wife and I thought it was a safe investment.

‘There are times when I have meltdowns over it. I have periods when I can withstand the stress, but every now and again it all gets too much.

‘ We had set aside a certain amount of money for holidays. That would be gone, too.’