Use pnsion to move house?

Gb7s92j

I will soon be 55 and I would like to move house. I am planning to use my 25% tax free mortgage drawdown to help buy a much better house.

My question is should I do this, or should I leave the money in my pension pot and get the equivalent money via a mortgage?

Thanks in advance for your help. Regards Dave

dimbo61

Well Dave,
Most people need the 25% lump sum along with the pension to Live on?
We have No idea how much you are talking about!
The current Limit of £1055,000 Lifetime Allowance 2019

How much is the lifetime allowance? The lifetime allowance for most people is £1,055,000 in the tax year 2019-20. It applies to the total of all the pensions you have, including the value of pensions promised through any defined benefit schemes you belong to, but excluding your State Pension.

So if you have saved this much you have £250,000 lump sum ??

How much pension are you getting each month.
Are you planning on working after 55 or will you have enough to live on ?

SonOf

am planning to use my 25% tax free mortgage drawdown to help buy a much better house.

And you are happy to rob your retirement years to do this? as well as remove the option of phased flexi-access drawdown (which is one of the more popular income methods)?