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pension cash in
wilsamsaint
Posts: 1 Newbie
I have a pension fund of just over 100 thousand and a mortgage of 42 thousand which both mature in 10 years time and was wondering if should release the mortgage amount from my pension now to pay the mortgage off and then put away each month the amount i was paying for the mortgage into a savings account for the next 10 years as a safety net
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Comments
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How long is a piece of string?
This is a forum. If you want financial planning advice, seek an advisor. If not, pm me and I will invest it for you.0 -
Keep paying your mortgage. The interest rates on mortgages are at an all time low.0
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was wondering if should release the mortgage amount from my pension now to pay the mortgage off
Even basic multi-asset pension funds have achieved over 5.5% p.a. including the credit crunch period. Why would you want to pay off a mortgage that is a few percent with an investment doing better and suffer a loss of nearly half the pension value in tax in the process?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 -
Anyway, beware talk of "release" of a pension fund. There be sharks!!Free the dunston one next time too.0
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