Mortgage as bridge to pension
FreddySteadyGo
Forumite 1 Post
Hi all,
Situation coming up: I will be 55, unemployed, £400k house owned outright, no other savings. I can take a pension lump sum of £150k at age 58 and live off reduced pension thereafter.
I would like to take out a £100k mortgage and use this money to live off for 3-4 years to tide me over until pension age, I would pay the mortgage interest out of this money. Then I will use the pension lump sum to repay the mortgage.
Is this normal/possible/acceptable/legal? What should I be aware of?
Situation coming up: I will be 55, unemployed, £400k house owned outright, no other savings. I can take a pension lump sum of £150k at age 58 and live off reduced pension thereafter.
I would like to take out a £100k mortgage and use this money to live off for 3-4 years to tide me over until pension age, I would pay the mortgage interest out of this money. Then I will use the pension lump sum to repay the mortgage.
Is this normal/possible/acceptable/legal? What should I be aware of?
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Replies
Seems like you want a 2006 interest-only self-certification mortgage?
Consult a canny broker.
Otherwise you could get a 100 'no's' by searching around.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.