WIZEB wrote:
You got 80 grand minimum in your pot then McF?
Quoted from that article...
Firstly, to clarify, the limit on guarantees will be dictated by how much an individual can take out of their pension pot as a lump sum cash payment when they retire. This is usually about 25% - which is where that figure came from - but it will depend on an individual's scheme.
- There is not formally a minimum on pension pots to take part in the scheme, but the party suggests that home buyers would need at least £10,000 for a deposit. Based on the limits on cash payments, that would suggest they would need at least £40,000 in the pot to take part.
- Taking this "indicative" £40,000 figure, the party's research suggests about a quarter of a million people currently have £40,000 or more in their private pension pots.
I could cover that amount and bearing in mind that I don't, can't retire until I'm well past 65 (if we want to keep this house its going to be 70 as a minimum) then standing as guarantor for £10k against a property for the next ten years is probably safer than trusting NatWest to run the fookin thing efficiently, the jury is out on whether Aviva (who have bought NWB pension business) can do a better job.
Before I heard of this suggestion I was seriously thinking of taking out a further advance on the mortgage next year to give to the eldest as a deposit, her and her boyfriend have "professional" qualifications and jobs but are years and years away from saving anything like a deposit amount - when I was her age my dad lent me £500 which was all I needed to secure a mortgage on my first flat