Pension and mortgage

[Cyclewidow46]

Background story- Have recently divorced husband following his cheating. He's now living with OW.
Prior to our split, we had been renting for about 10 years so no property to divide. Have 3 DCs, 2 living with me, 3rd has her own place with BF.
Came away from divorce with just my share of husbands pension (£500k) which had to be transferred into a pension I had to set up ready.
I work for NhS and once I've paid the rent and all bills I'm not in a position to save much towards a deposit for my own home. Ex's contribution just £150 a month which covers DDs train fare to college. He was made redundant 10 months after we split and chose to retrain as a personal trainer and so income at present less than previously.

I've been told I'm unable to withdraw any money from new pension until I'm 55 which is 6 years away. My dad seems to think I should ask Bank if possible to get a mortgage with borrowing against my pension (ie pension as security) knowing I could pay mortgage off in 6 years.

Is this possible? Is it worth asking as I don't think I could. I'm just sick of living in somebody else's house.

Cant answer this but suggest you consult an independent financial advisor for propper advice - dont forget you will also need a deposit.

To buy a house you generally need money for; deposit, solicitor fees, stamp duty, survey, land registry, other fees, moving costs. Then you need to pay the mortgage and bills. I would suggest going to see a financial advisor (some estate agents have independent ones) I don't think that you will be able to access the pension before age 55

Using the tax free cash lump sum available from a pension used to be an acceptable way of clearing the balance of an Interest Only mortgage. But lending criteria have changed in recent years. You will not be able to access the pension money before age 55 under current rules. Speak to an independent Mortgage Broker; they should know which lenders are willing to consider individual cases on their merits and do the legwork for you.

Thank you for your replies.
I thought this would be the case. I think I'll be waiting until I'm 55 to buy my own place.

We had an interest only mortgage with lump sum from pension used as the investment vehicle to pay off the capital. Could you manage the deposit and conveyancing costs and then go interest only until you can draw the pension?