Clegg launches pensions for property scheme
Nick Clegg has announced a new "pensions-for-property" initiative which will allow parents and grandparents to use their pension pots to guarantee their childrens’ property.
The scheme aims to help young people get on to the property ladder at a time when the number of young people who are asking for help from family members to get a mortgage has doubled.
He told the Andrew Marr show: "We’re going to work out ways in which parents and grandparents who want to help their children and grandchildren buy a property of their own, we’re going to allow those parents and grandparents to use their pension pots to act as a kind of guarantee, if you like, that their youngsters, their children and grandchildren, can take out a deposit and buy a home."