If you have no money to pay off mortgage can you get it out of your pension ?

M

MfS

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If you were in a position whereby you could not pay your mortgage on your home but you had say 50 to 100k locked away in a pension fund that would cover the outstanding amount is there any way to get at the pension fund ?

In other words is it possible to end up having your home repossesed even though you have the money to cover the loan in a pension fund ?
 
Hi there,
to be honest I dont think so, if you release monies before the maturity date the pension needs to go into another pension fund to avail of previous tax benefits.

However if you are in difficulty and it appears you ahve a substantial pension - if you pay AVC's - halt payments periodically. Speak to a lender and come up with some sort of payment system.
Best of luck
 
Fortunately I am not in that position at the moment but I was wondering with the governments push for people to take out more pensions maybe people should be getting there mortgage under control first
 
Tell me about it - I am wondering if I should pay off some of my mortgage with my SSIA, the way I see it if I do (and keep paying the current amount) I save more money per month that I would possibly make in some of the fixed savings accounts.
 
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