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Loan to unlock pension, Good idea?

Last post Fri, May 22 2009, 2:46 AM by maxsteam. 1 replies.
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  •  Fri, May 22 2009, 2:46 AM

    Re: Loan to unlock pension, Good idea?

    Personal loans tend to have a £25k limit.

    My opinion is that you should forget about any complicated schemes and structure your life around your income.

    • Post Points: 5
  •  Thu, May 21 2009, 8:54 PM

    Loan to unlock pension, Good idea?

    Hi, I recieve a medical pension from the RAF (£500 a month for life) I have tried to find a company to buy me out, but i think its impossible to do, so i'm looking into get a long term loan as a way of releasing it. I'm 29 years old, so £500 a month up till if i live till 75 then it will amass to a hell of a lot of money, but i want a lump sum now.

    I have a mortgage already, and the money would be used for home improvements and to start a business. I'm looking for about 70k, but am i crazy for doing this? My wife works full time, and we can survive (just) on her basic wages.

    Just after some advice or ideas etc? Am i crazy for getting a huge loan, or is it a way round unlocking it, as when i'm 55 the loan would be paid off and would get my pension again... not sure what to do for best really

    • Post Points: 20