Money Box Mortgage Charter and Unclaimed Benefits
Oct 10, 2025
Discover how the Mortgage Charter has helped over a quarter of a million homeowners manage payments amidst rising rates. Learn why more people are withdrawing tax-free cash from pensions, driven by personal needs and budget speculation. Millions are missing out on unclaimed benefits, totaling tens of billions, with simple steps to access crucial support. Finally, the proposed removal of the £100 contactless payment limit sparks discussions about consumer safety and banking responsibilities.
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Bringing Forward A Pension Gift
- Paul Broadhead in Liverpool decided to withdraw some tax-free pension cash earlier and gift it to his grandchildren.
- He said uncertainty over tax rules influenced the timing but that the gift would still be given if rules did not change.
Inheritance Tax Changes Affect Withdrawal Choices
- Future rule changes matter beyond immediate tax: pensions left in the pot may face inheritance tax changes in April 2027.
- That possibility makes some savers consider earlier withdrawals for gifting or estate planning.
Mortgage Charter Supported Struggling Borrowers
- The Mortgage Charter helped many borrowers by allowing payment reductions or term extensions during rapid rate rises.
- Over a quarter of a million homeowners used charter measures to cope when fixed rates ended and monthly payments jumped.