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Interest Only - Using USS Pension
contrem
Posts: 2 Newbie
My wife and I are currently looking for a mortgage and have found that Northern Rock will accept a pension as a repayment vehicle for up to 70% ltv.
My wife has just joined the USS (Universities Superannuation Scheme) pension in the Career Revalued Benefits scheme and I was wondering how a lender would calculate the tax free lump sum that would be available to pay the mortgage off at retirement.
Can anyone help?
Thanks
My wife has just joined the USS (Universities Superannuation Scheme) pension in the Career Revalued Benefits scheme and I was wondering how a lender would calculate the tax free lump sum that would be available to pay the mortgage off at retirement.
Can anyone help?
Thanks
0
Comments
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They will usually take the lump sum payment of the projected fund value to meet the int only debt.0
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