Can I use my Pension to get Mortgage

BrokeWIthPension

Hi
I have a private pension which I can draw on, currently worth over £350k, but I'd like to buy a house with it. I earn £22k pa and currently have to draw on the pension to pay my rent. All my tax-free allowance on the pension has gone so I'm starting to pay tax on draw downs.
Is there any way of using my pension to get a mortgage and minimise the tax I pay?
I think I could draw all the pension out and get about £200k but I'd rather not give so much to the tax man!

BakingC

If you were to use all your pension provision to buy a property what would you live off?

Unless you buy somewhere outright you may struggle to get a mortgage if you are old enough to draw your pension as they will have upper age limits on how long a pension can run.

If you earn 22K but are having to draw down your pension to live can you move to somewhere cheaper for abit? If you cannot live on 22K without reducing your pension how would you live on just your pension?

The way to minimise tax would be spread it over a number of years however make sure you understand the implications of reducing your pension provision so much.

AnotherJoe

Perhaps see a broker. If you withdrew 25% tax free that could be used as the deposit so nearly £90k, £20k a year for ten years from the rest that could be used to fund a mortgage, tax would be kept to 20% on the withdrawals so that would be £16k, so you are looking at a house around £300k once you add what would be your current rent into the pot.

Whether this possible i dont know, i think you'd definitely need a non mainstream lender.
And assuming you have no other pension, then you'd have to live on SP later?