Honeymelon
Registered User
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Following a recent family bereavement a family member wishes to buy the family home.
To fund the purchase we were hoping to use funds which were in a Pension Fund. On examination of this option, it appears that it is not possible to purchase an asset which you have an interest in from your pension fund.
Another option is to use funds which are currently in a Performance Tracker account. This is due to mature in 2019 and the terms and conditions specifically state that you cannot draw down the funds early. We have contacted the Financial Institution who have confirmed that there is no option to withdraw these funds prior to the Maturity date even with a penalty.
We have approached one of the main Banks to query if it is possible to obtain a loan with the Tracker account as security. The bank has advised that this would be a form of a Bridging loan which are no longer available and the only option is a Buy to let option. We feel it would be difficult to qualify for such a loan.
My question is, are there any other institutions where you could avail of a loan with the security of the Tracker amount for a period of approximately one year?
Many thanks
To fund the purchase we were hoping to use funds which were in a Pension Fund. On examination of this option, it appears that it is not possible to purchase an asset which you have an interest in from your pension fund.
Another option is to use funds which are currently in a Performance Tracker account. This is due to mature in 2019 and the terms and conditions specifically state that you cannot draw down the funds early. We have contacted the Financial Institution who have confirmed that there is no option to withdraw these funds prior to the Maturity date even with a penalty.
We have approached one of the main Banks to query if it is possible to obtain a loan with the Tracker account as security. The bank has advised that this would be a form of a Bridging loan which are no longer available and the only option is a Buy to let option. We feel it would be difficult to qualify for such a loan.
My question is, are there any other institutions where you could avail of a loan with the security of the Tracker amount for a period of approximately one year?
Many thanks