Spry Finance Reports Best Quarter for Lifetime Loan Enquiries

Irish equity release provider sees 79% quarter-on-quarter uplift

Spry Finance, the exclusive provider of lifetime loan products to over-60s in Ireland, has reported its best performance in a financial quarter since the company’s launch in January 2021.

Measured in terms of active enquiries, Spry experienced a 79% increase in potential customers in Q3 2022 against enquiries received in the same period last year.

The company’s performance has been driven by a greater awareness of the Spry Finance brand among people aged over 60 – a demographic that is significantly under-served by banks and therefore lacks choice in how they can realise value from their assets.

John Moriarty, CEO of Spry Finance, said: “There is a sizeable cohort of Irish over-60s who are asset rich – in-terms of home ownership – but cash-poor. People are living longer and, when it comes to raising funds to do the things they want to do in later life, they are finding that banks and other lenders simply don’t want to know”.

“We’ve seen a trend of increasing customer enquiries throughout this year. This has come on the back of an increased focus on raising awareness of our product with our target market, and engagement with mortgage brokers and financial planning professionals to grow their understanding of lifetime loans.

“The results show that Spry’s lifetime loan product is becoming widely accepted as a valuable financial management tool for older people who are looking for more options and flexibility when managing their money.”

A Spry lifetime loan is an equity release product that allows people to realise the value in their property while retaining ownership. They do not require repayments – although the option is there to make repayments should the customer wish – and the loan does not have to be repaid while the customer is still alive or until after they move out of the property.

Spry, which has written €60m in loans since launching at the beginning of last year, recently announced that it expects to be writing €150m per year by 2025. The company has agreed a long-term funding arrangement with Canada Life Reinsurance which will allow it to meet growing demand for its product.

Mr Moriarty said: “Whether it’s raising money to improve their lifestyle, to carry out home improvements, to pay down debt, or to provide family with a living inheritance, or another use, a lifetime loan gives the over-60s a real financial choice.”

NB Recent research from the Competition and Consumer Protection Commission showed that 15% of respondents intended to access a lifetime loan-type product to supplement their pension, while in the UK, consumers accessed £4.8bn through this type of product in 2021.