More than 1,000 people take out Spry Finance Lifetime Loans in just two years

More than 1,000 people have taken out a Spry Finance lifetime loan since our launch in January 2021.

As of today, we’ve completed loans for 1,058 customers. The median amount taken out is €75,000, and the average age of our borrowers is 72. The fact that women live longer than men is reflected in the gender split of 55% of borrowers being female and 45% being male.

Spry Finance CEO John Moriarty said: “This is a proud moment for everyone at Spry Finance. Reaching this milestone of 1,000 customers just two years after launching demonstrates the growing popularity of the lifetime loan as a valuable financial tool for the over-60s.”

Celebrating 1000 Spry Customers - lifetime loans and property equity loan

A lifetime loan is a form of equity release mortgage available only to those aged over 60. The amount someone can borrow ranges between 15% and 40% of the value of their property, depending on the applicant’s age. On average, Spry’s customers draw down 81% of their loan to value (LTV) entitlement.

“Older people are looking for more choice and greater flexibility when managing their money,” Mr Moriarty added, “and these are things traditional lenders are not offering to them. A lifetime loan allows borrowers to release equity in their most value asset, their home, so they can have a more financially secure and comfortable time in later life.

“Our customers are using their loans to fund various things – including home and lifestyle improvements, a cash fund for emergencies, repaying a mortgage, or providing a gift to family.”

Mr Moriarty paid tribute to the efforts put in by Spry’s staff to reach the 1,000 customers milestone, and said he expects to see continuing growth in demand for lifetime loans.

Mr Moriarty added: “Our success has come on the back of a lot of hard work to grow understanding of lifetime loans amongst our customer base and with financial planning professionals. The team’s work is ongoing and, combined with Ireland’s ageing demographic, we’re confident it will continue to drive demand.”