How much can I release?
Depending on the value of your property, you can release between €20,000 and €500,000.
What if I still have a mortgage?
You can’t maintain a mortgage from another provider alongside a Lifetime Loan. Any existing mortgage will need to be repaid in full using a portion of the equity you release.
Do I need a solicitor?
Yes, professional legal advice is essential in order to ensure your interests are protected and make you aware of all the legal implications of taking out a Lifetime Loan.
Will I still own my property?
Yes, you remain the legal owner of the property until it is sold. This will happen either after you die or if you decide to move. When you sell your house, the loan becomes due for repayment.
What happens after I die?
The property will be sold and the proceeds first used to pay off the current balance of your loan, including the interest that has built up on it. The remaining money will be distributed according to the wishes expressed in your will.
Can I leave some inheritance?
Once the Lifetime Loan is repaid in full, you are free to do what you wish with other money and assets. You should consult a solicitor when making your will to ensure that your wishes are clear and can be carried out.
Can I end the Lifetime Loan earlier?
Yes, if you are in a position to pay off your loan early, you can do so. However, if you decide to pay it off within ten years of first taking it out, you will be liable for an early repayment charge as well as the standard €100 loan redemption fee.
Read more about optional repayments and charges here »
Am I responsible for home maintenance and insurance?
Protecting the value of your home is important and you will need to maintain it and undertake any necessary repairs. It must also be insured to cover any potential rebuilding costs.
Can I top up my loan?
No, you can’t top up an existing Lifetime Loan. Instead you would have to take out a new larger loan and use it to pay off the original loan. To do this, the combination of your age at that time and the property’s value would have to exceed your current Lifetime Loan balance. Product eligibility and terms and conditions apply.