Important Considerations with a Guaranteed Inheritance Lifetime Loan
- If you choose to protect 20% your home’s value as equity, the maximum amount you can release will also be reduced by 20% versus our Standard Lifetime Loan
- You are not protecting a static monetary amount, but a percentage of your home’s value at the point which it is sold
- If your property’s value increases over time, the amount protected and equity left will also increase
- Similarly, if your property’s value decreases over time, the amount protected and equity remaining will decrease
- The interest rate charged for the Guaranteed Inheritance Lifetime Loan is slightly higher and will cost you more over time than the Standard Lifetime Loan
- The amount protected is covered by the Spry Finance 20% Equity Guarantee
Eligibility Criteria
- You must own your own residential home (primary residence) in the Republic of Ireland
- You must be aged 60 years or over. If there are two of you, the younger person must be aged 60 or older
- Your property must have a minimum value of €175,000 outside of Dublin or €250,000 in Dublin
How much can I borrow?
- The minimum loan size is €20,000
- The amount you can borrow is calculated as a percentage of your home’s value and depends on your age
- Customers aged 60 may borrow up to a maximum of 12% of the value of the property, which is slightly less than a Standard Lifetime Loan at 15%
- The maximum loan size is €500,000 regardless of your age
- You can choose to make Optional Repayments should you wish to do so
