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I have a pension mortgage any advise?
Lynn1303
Posts: 11 Forumite
Around 20years ago I took out a pension mortgage, it was suppost to pay off the mortgage at the end of term and have enough left in the pot as our pension. (sounds just like an endownment). I have had the red letter and it now wont even pay off the mortgage, and I am left with that to pay off and no pension, I am now 58. What can I do? Where do I go for advise....at the time I was advised that it was the best option to take, they did say that the projected figures could be less than forcasted but never did we know that we would be left high and dry like this.
Does anyone else know about this sort of mortgage and where can I get help about it being mis sold?
Does anyone else know about this sort of mortgage and where can I get help about it being mis sold?
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Comments
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You say no pension? What has happened to that then?
Pension mortgages were popular with higher rate tax payers due to the increased tax relief. Over the years though, the tax relief has reduced and the UK economy has changed and has made the pension mortgage virtually a thing of the past.
It was always important to keep regular reviews in place with a pension mortgage. As mortgage rates dropped, you should have been topping up the pension.
Pension mortgages were high risk. If you feel the risk was not disclosed correctly to you you could complain. Twenty years ago puts you pre 1988 so you complaint options may be limited but that would depend on how and with whom you arranged it with.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Who gave you this advice?If you don't know what you are talking about keep quiet0
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Hello Lynn,
Could you post some info about this policy so we can suggest a way forward? The details of you most recent statement would be helpful
What company is the policy with? Trying to keep it simple...
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Every time we had a forecast we were advised to top up the account, so we obtained bank loans to top it up only to find out on the next forecast it had got worse. We certainly have never been a higher rate tax payer so I dont understand why we got this type of mortgage - I will hunt out the documents and get back to you. Thankyou for your help0
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Good grief!
I want to help for free.If you don't know what you are talking about keep quiet0
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