article_snippet.sent: The offer comes as pension reforms give over-55s access to billions of pounds from today to withdraw from their pension pots and spend as their like.
article_snippet.sent: Withdrawing large sums from a pension pot will trigger a hefty income tax bill – for example, taking out £150,000 will produce a £40,000 demand from HMRC.
article_snippet.sent: ‘Although Age UK UK believes affordability not age should determine whether someone is given a loan, using your pension fund to pay the deposit could have significant tax and financial consequences and if there is a downturn in the rental market you could find your own financial security is jeopardised.
article_snippet.sent: Financial strategist Penny O’Nions said: ‘A lot of people will buy houses with people pension funds with no idea of the repercussions.
highlights_snippet.sent: Tempting for over-55s with pensions released under reforms to buy houses .