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You can fund retirement without borrowing against your home by reviewing pension income, using savings or other assets, moving to a less expensive home, selling and renting, or considering a retirement interest-only mortgage. Each option changes a different part of your finances: your monthly income, housing, capital, or future estate. Compare the net cash available and the ongoing consequences before deciding.
Start with pension income and entitlements
Before changing your housing or using up capital, establish what income and support you already have. Check your State Pension forecast and current pension income, then review any defined-contribution pension you hold. GOV.UK describes flexible access and annuity purchase as options for personal pensions, but the right choice depends on your circumstances.
Flexible pension access
With drawdown, money left in the pension remains invested and can rise or fall in value. Withdrawals reduce what remains invested, so the amount available later is uncertain. Consider how much you need, how often you will withdraw it, and whether the remaining funds could support your future spending. GOV.UK explains ways to take a personal pension.
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An annuity exchanges some or all of a pension pot for income under the annuity’s terms. It can provide a different pattern of income from drawdown, but those terms determine what you receive. Compare the income and conditions offered with your expected needs rather than assuming an annuity or drawdown is automatically preferable.
Use savings or other assets
Cash savings or non-housing investments may cover some expenses without a loan secured on your home. Using them reduces the assets available for emergencies or future needs, and selling investments may involve market risk or tax consequences. A change in income or capital can also affect means-tested benefits or local-authority support. Check the rules that apply to your particular circumstances before withdrawing money; there is no universally suitable order for spending assets.
Move to release housing equity
Selling your home and buying a less expensive one can turn some of its value into cash while allowing you to remain a homeowner. The amount you can use is the difference after buying the next property and paying transaction costs and any debts that need to be settled. Include estate-agent, legal, survey, removal and purchase costs in the estimate. MoneyHelper’s guide to downsizing in retirement recommends considering the lifestyle impact as well as the finances.
What changes when you downsize
A smaller or less expensive home may mean a different location, less space, or changed household costs. Check that the replacement home suits your mobility, care needs and plans for the years ahead. If your income or savings change, use a benefits calculator to check possible effects rather than assuming the move will preserve existing support.
Sell your home and rent
Selling and renting can free more of the home’s value than buying a cheaper property, but it replaces ownership with an ongoing rent commitment. Compare the cash left after the sale and costs with likely rent, local availability and the length of time the money may need to last. Consider tenancy security too: rent can change, and a landlord may decide to sell. MoneyHelper discusses both downsizing and selling to rent in its retirement downsizing guide.
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Consider a retirement interest-only mortgage
A retirement interest-only (RIO) mortgage is borrowing secured against a home. You make monthly interest payments, while the loan capital is generally repaid when the home is sold. It may let you stay in your home, but it does not remove the need to repay the capital. The key question is whether the interest payments remain affordable, including if household income falls or one partner dies. Eligibility, rates and terms vary by lender and borrower, so a RIO is not automatically cheaper or more suitable than other routes. See MoneyHelper’s explanation of equity release and alternatives.
Compare the routes that fit your circumstances
Use the same questions for each option. The table summarises the main trade-offs; it is not a ranking, and no route is suitable for everyone.
| Route | Can you stay in your home? | What to weigh |
|---|---|---|
| Pension access | Yes, it does not require a move. | Drawdown leaves funds invested and withdrawals reduce the remaining pot; an annuity pays income under its terms. GOV.UK. |
| Savings or other assets | Usually, if no housing change is involved. | Cash used is no longer available for other needs; investment sales and changes to capital or income may have consequences. |
| Downsize and buy | No; you move to another owned home. | Cash released is the net difference after the new purchase, transaction costs and debts. Consider location, space and household costs. MoneyHelper. |
| Sell and rent | No; you leave ownership and become a tenant. | Can free more capital than buying a cheaper home, but rent continues and tenancy conditions matter. MoneyHelper. |
| RIO mortgage | Usually, subject to lender terms. | Requires ongoing interest payments; the capital generally remains due when the home is sold. MoneyHelper. |
For each route, estimate the cash remaining after transaction costs, tax and debt repayment. Then ask:
- What regular payments will it create, and could you still meet them if income falls or a partner dies?
- Does it involve moving, investment risk, changing rent or interest that accumulates?
- How could changed income or capital affect means-tested benefits, care support or what remains in your estate?
- How easily could you change course if your health, household or housing needs change?
Check benefits and get appropriate help
Do not assume that a pension withdrawal, sale or mortgage will leave benefits or local-authority support unchanged. The effect depends on the specific benefit and your circumstances. GOV.UK’s guidance on pension freedoms and DWP benefits explains why the interaction needs checking.
Best Value
MoneyHelper advises people considering equity release to explore alternatives and check whether an adviser is registered with the Financial Conduct Authority. The FCA’s review of equity-release sales and advice found cases where alternatives received little consideration, and says suitability should be assessed against a customer’s needs and circumstances. If seeking regulated advice, check the firm with the FCA Firm Checker and make sure the adviser considers the full set of options relevant to you.
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