Using Pension Pots to Pay Morgage Shortfalls

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Using Pension Pots to Pay Morgage Shortfalls

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Many home owners reaching retirement have sums of money invested in pensions that could cover all or part of their mortgage shortfall.

These funds cannot be used for such a purpose and can only be used to buy a regular pension.

The sums in their pension pot will only purchase, currently, an inadequate annuity which once bought will never improve.

By using the pension funds to pay off their morgage home owners will reduce or negate the interest payable they might have to pay on their shortfall.

The reduction in interest, which could rise in the future, on any lifetime loan to cover a shortfall would be greater than that which a fixed annuity might bring. This should result in an improvement in their personal circumstances and a reduction in their personal debt.

Repeated across many households the Nation's Personal Debt will be impacted positively.

I petition that this type of transation be permitted under strict conditions.

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