Can I use a private pension for a mortgage deposit

JC69

Hi All,
I'm new to this forum and hoping I'm posting this question and advise on the right forum chat...
Here goes..
I have a private pension here that I froze back in 2007 when I left to live in Australia but have now returned and been back here for over 2 years. We are currently renting a property, but we dont have savings or enough for a depositt for a mortgage. Can I or could use my private pension for a small deposit for a mortgage..? I have googled it but there seems to be conflicting or no real answer that help my dilemma. Could anyone advise any other options I may have to secure a mortgage..?

getmore4less

You need to pay real cash for a purchase.

if you convert pension to cash it can be used for anything.

if you can't convert to cash then you can't use it as cash.

AnotherJoe

How old are you ?
If under 55, which seems likely if you wish to take out a mortage, then no, the money is unavailable to you.
With no other financial details, eg no clue on income, savings, house cost, your ages it's hard to see what help anyone could advise. Perhaps see a mortgage broker.

amnblog

Pension funds, private or otherwise, cannot be used as deposit on a mortgage.


If you are struggling for deposit, check out the Help to Buy scheme.