Pension Fund as Mortgage Security to Increase Allowed Borrowing

bobfrombristol

Hi All,

I thought this would be quite easy to find out but I can't seem to get an answer. Lets say based on my income and financial security etc I could borrow a maximum 250,000 from a building society. However, if I had say £100,000 in pension funds, am under 50, would the building society lend extra based on the fact that I could somehow release the money in the pension fund. I appreciate each lender would be different but I was hoping someone may already have done this or may know in general if it happens.

Thanks in advance!

Bob

TrickyDicky101

No - access to funds invested in a personal pension scheme is illegal until you are 55 (or in extremely poor health).

amnblog

Even if you could access the funds, there are of no interest to a Lender.