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Borrowing against pension.... is this possible?
mr.fixit
Posts: 18 Forumite
Advice appreciated from anyone in the know. Wifey wants a divorce which means house will have to be sold and I will have around £50k from proceeds. I am almost 50, earn £19k a year, and the cheapest house in area is around £125k. I guess I will only be offered a 15yr mortgage which means the monthly repayments will be high, wondered if its possible to borrow against my pension which is worth around £40k at present?
0
Comments
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No you cannot borrow against your pension.. If you can't keep up with mortgage payments, the lender cannot take your pension. Not even you can take money from your pension until you retire..
I honestly think renting or perhaps part ownership are the best options.. Sorry.0 -
No, although you could use any pension lump sum to pay of an interest only mortgage. Although with a 19k salary/125k house I don't think it's likely to be enough0
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