First-time Buyers should be allowed to Access Pension Funds to purchase Homes, say Brokers

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