Key Features of a Lifetime Loan

A Lifetime Loan is a mortgage loan secured against your home. You do not sell a share of your home. You borrow a cash sum using your house as security. You can use this money as you wish.

This type of loan is designed to last for the rest of your life. There are no regular repayments to be made. It becomes repayable if you sell your home or after you die or permanently cease to reside in your home.

• • ⦾  This lifetime loan is secured against your home.
  • ⦾  You do not sell a share of your home.
  • ⦾  You retain full ownership of your home and continue living in it.
  • ⦾  Regular repayments are optional and not required.
  • ⦾  Interest is added to the loan balance monthly.
  • ⦾  The Loan grows over time if you choose not to make payments.

Eligibility

Borrowers:

All owners of the property must sign the loan agreement. Maximum of two Nominated Residents, both over 60.

Property:

Must be your primary residence, located in the Republic of Ireland, of conventional construction and in good repair and mortgage-free (or use part of the loan to repay any outstanding mortgage). If leasehold, must be on terms and conditions acceptable to Spry Finance.
Further lending criteria may apply. Lending is subject to Certificate of Title from borrower’s solicitor.

Property Value:

Minimum €250,000 in Dublin; €175,000 outside Dublin. Properties at minimum values may be subject to restricted loan sizes.

Loan Size

Minimum Loan:

Initial loan €20,000.

Maximum Loan:

The maximum amount you can borrow is calculated as a percentage of your home’s value and depends on your age, subject to an overall maximum of €500,000 regardless of age or property value (all though higher loans reviewed on a case by case basis).

Interest Rate

From 6.25% for Green Loan and 6.45% for Standard Loan per annum, added to your loan monthly. Annual Percentage Rate (“APR”) 6.84% (assuming a loan amount of €75,000) over a term of 15 years).

Lender Fees and Charges

€1,500 – set up fee applies to all new loans.

€500 – applies to all loan variations.

 €100 – loan redemption fee, payable upon full repayment of the loan.

The Spry Finance “No Negative Equity” Guarantee

As long as you have adhered to the Terms and Conditions of the loan, you or your estate will never have to repay more than the value of the property, even if the loan plus accrued interest and charges exceeds the net sale proceeds of the house.

Get In Touch to Learn More

Would you like to talk to someone you can trust, and who will give you the best advice based on your circumstances? If so, contact MC Financial today on michael@mcfinancial.ie or call MC Financial anytime on 01-822 8022 or 087 932 1882.