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PENSION RELATED MORTGAGES
Pensions are primarily intended to provide an income in retirement. However in the case of a pension related mortgage they are used to support mortgage borrowing as well.
They are investment products. You pay money to the pension provider each month (the “contributions”) and they invest it in various different things such as stocks & shares, cash, property, government bonds, etc. If the investments perform well then the value of the pension “fund” (all the different investments put together) increases. The idea is that over a number of years the fund builds up enough money to both pay off your mortgage and provide an income in retirement.
When you retire you can take 25% of the total pension fund value as a tax-free cash lump sum and use it to repay the mortgage. The other 75% of the fund provides you with the income in retirement.
The main problem with having this type of mortgage is that it only works if the investments perform well enough as with endowments. The issue is compounded as not only is your ability to pay your mortgage at risk but also your retirement plans.
Why Should I use EMCAS for my Pension Related Mortgage Claim?
We will reduce the hassle of making a claim by taking on all the workload, including form filling, telephone calls and writing relevant letters.
You will have a specific claims number and a specific claims manager who will look after you during the claims procedure.
We are specialist within the industry and we know the rules and regulations governing both the sale of policies and gaining financial redress.
Due to our organisational resources we not only make sure that we maximise the value of any claim but we also double check that this value has been calculated properly applying the RU89 rule as laid out in the Financial Services Act 1986.
If your claim is unsuccessful, were appropriate, we will take the claim to the Financial Ombudsman Service, where we will continue to represent you on a No Win, No fee basis.
You have nothing to lose and everything to gain.
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