Wednesday 29 November 2017
Britain's obsession with home ownership is putting people's pension savings at risk to the tune of 15% a year.
People's desire to buy a home to get on or move up the housing ladder is hampering their long-term savings prospects, particularly when it comes to pensions, research claims.
Many see owning a home as a crucial part of their long-term investment plan, drawn in by prospects of cheap mortgage deals, zero capital gains tax on primary residences, increasing inheritance tax thresholds and, occasionally, subsidies to buy a home.But homeowners and specifically those who buy a home with a mortgage are increasingly viewing their home as a form of 'pension asset', at the expense of lower long-term savings in 'real economy assets', a report by the National Institute of Economic and Social Research claims.
The findings suggest that people who buy a home with a mortgage end up with lower private pension incomes than those who do not. In total, homeowners with a mortgage can expect their private pension income to be around 15 percent or £390 lower a year than it should be.
Local authorities with the most decisions overturned at appeal in 2016 and 2017
Please fill in the following form and one of our consultants will be in touch shortly...