First-time buyers should be allowed to access pension funds to purchase homes, say brokers
First-time buyers should get access to their pension funds for property purchases, many financial advisers believe.
A survey of brokers has revealed half are in favour of struggling buyers being allowed to access any pension funds they have to help get a foothold in the property market.
The research from the Independent Trustee Company (ITC) found limited access to pension funds could help to address the issue of housing affordability.
Such a proposal is controversial because pensions are considered a long-term investment and not designed to be “raided” to buy a home.
On the other hand, allowing people to use retirement funds to buy a home could encourage more people to put money into a pension, experts said.
A survey of 160 brokers found half are in favour of allowing access to pension funds for home-buying.
Credit to : Irish Independent