What is a lifetime loan?

A Lifetime Loan allows people over 60 to release value from their homes, at an interest rate fixed for the duration of the loan. It is a valuable financial planning tool for people aged 60 and over who own their own home and wish to release a lump sum from their asset.

At the moment, Spry Finance are the sole provider of Lifetime Loans in Ireland.

A Lifetime Loan is most commonly used for 4 main reasons:

1. Cash fund for lifestyle maintenance and ‘rainy day fund’
2. Re-financing loans eg. mortgages & other debts
3. Home improvements/purchases for the home
4. Cars and holidays

Note: You still own your home
The borrower continues to own their home, and the loan becomes repayable when the property is sold or within 12 months of the borrower’s death.

We offer a No Negative Equity Guarantee

The Spry Finance No Negative Equity Guarantee means that no borrower (or their estate) will never have to repay more than the net sale proceeds of their property even if the loan balance exceeds this amount.

Optional Re-Payments

Spry Finance provides flexibility as well as certainty for customers. While regular repayments are not required, borrowers can choose to reduce their loan balance by making optional repayments of up to 10% of their original loan amount each year without incurring charges.

Interest Rates

The Lifetime Loan is a fixed-rate product which provides certainty about the growth of the loan balance.

The interest on the loan is compounded over time (added to the loan amount each month) and therefore the loan balance grows throughout its life. Borrowers are not required to make regular repayments, but can choose to do so to pay the interest on the Lifetime Loan on a monthly basis.

Spry questions answered

To find out more about Lifetime Loans from Spry Finance, visit www.spryfinance.ie

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