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Rental property for pension

  • 20-10-2017 1:29pm
    #1
    rubber duk
    Registered Users, Registered Users 2 Posts: 16 ✭


    Hi Folks. Is it possible to purchase a property, on a mortgage, and use my employer's pension contribution towards the monthly repayments. When mortgage is paid off, which should co-incide with my retirement, the rent will be used as income in lieu of pension draw down??
    Thanks and best regards to all Boardsies


Comments

  • #2
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    rubber duk wrote: »
    Hi Folks. Is it possible to purchase a property, on a mortgage, and use my employer's pension contribution towards the monthly repayments. When mortgage is paid off, which should co-incide with my retirement, the rent will be used as income in lieu of pension draw down??
    Thanks and best regards to all Boardsies

    Not possible the way you've said it there and you'd need an accommodating employer to be able purchase property in your pension.


  • #3
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,880 ✭✭✭The J Stands for Jay


    It was possible in the recent past, but none of the banks will lend for this now. You'll need to have the full purchase price in your pension before you can get the property.


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    It was never possible under an employers scheme. Issues with Trustees potentially.

    It was and still is possible under something like a SSAP, but it's restrictive and expensive. Some banks will still lend to the pension schemes of selected high net worth customers.

    From an investment point of view it's highly questionable. All the pension assets in property - Irish property - one building. No spread or diversity there.


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