Irish later life lending sector expected to grow more than €200m per year by 2027
Spry Finance expects Ireland’s equity release and later life lending market to more than double in size to more than €200m annually within the next three years.
Strong growth in the sector will be driven by a combination of factors, including greater need and acceptance by customers, a broader range of later life lending products, and new providers entering the market.
Spry Finance is Ireland’s sole provider of lifetime loans and has written more than €120m in loans to almost 2,000 homeowners aged over 60 since launching in early 2021. However, the Irish market is significantly underdeveloped compared to other countries – and Spry believes equity release and later life loan products will increasingly become a normal part of the financial landscape for older people.
Spry CEO John Moriarty said: “We expect the equity release and later life lending sector in Ireland to grow and be worth more than €200m annually within the next three years. Customer demand is increasing, and this will attract new entrants to the market, such as life insurance companies, which will drive product innovation and growth. In the UK, for example, there are 10 providers and more than 450 equity release and later life loan products available.”