Speaking on BBC One’s Andrew Marr Show yesterday Deputy Prime Minister Nick Clegg announced plans for parents to use their pension pots to guarantee mortgage deposits for first time buyers. Under the Liberal Democrats’ plans, those approaching retirement will be able to borrow against the lump sum payment in their pension to underwrite the mortgages of young people who cannot afford to buy a home. The cash would not actually leave their pension but be used as a ‘guarantee’ that the house-buyer would repay the home loan
