DEAR TRICIA

Need some practical financial advice? YOUR MONEY Editor Tricia Phillips and her team can help

QI’m moving house but in a long chain and the person I’m buying from wants to move quickly. Is it a bridging loan I would need so I could secure my new home? Is there anything I should be wary of with these types of loans?

Yes, it is a bridging loan. They are typically provided by specialist lenders and offer short-term loans, often six to 12 months, at a high-rate of interest. If you take out a bridging loan there can be high set-up and exit costs too.

AQI’m in my early 60s and I want to access a pension I have. I’ve been told I can’t take it as a lump sum. I thought the new rules meant you could access all the fund from the age of 55.

Not all pension contracts allow you flexi-access, it all depends on the type of pension you have. However, you may be able to transfer it to a plan that does have greater freedoms. I suggest you seek independent financial advice.

AQWe have just sold a second property. On the deeds are the names of me and my mother. Does this mean for tax purposes we are entitled to two tax allowances?

It does. You and your mum have a Capital Gains Tax allowance in the current tax year of £11,700 each. You can also deduct the costs of buying, selling or improving the property from your gain. These include estate agent’s and solicitor’s fees.

A