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Raid Pension Pot to pay off Mortgage or Equity Release?
Comments
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I believe I have a Defined Contribution Pension, in fact i probably have 2-3 as I've had 2-3 jobs over the last 30 years.
Considering the importance of the decisions you will be making, this vagueness won't do at all.
First look out all your paperwork and establish exactly what pension provision ( and what type of pension provision) you currently have.
Are there any safeguarded benefits?
http://adviser.royallondon.com/technical-central/pensions/transfers/safeguarded-benefits/
Have you obtained a new state pension statement?
https://www.gov.uk/check-state-pension
https://www.gov.uk/new-state-pension0 -
steampowered wrote: »An equity release loan would be secured against your house. An equity release loan is effectively a special type of mortgage.
I think this is a bad idea. You would basically be swapping your current mortgage for a much more expensive mortgage.
This ^^^^^^
As suggested, pay the mortage from your pension / earnings.0
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