Interest
Fixed Rate
Seniors Money’s Lifetime Mortgage is a fixed rate product, which gives certainty about what the loan balance will grow to at any point in the future. There is no risk that the interest rate will change over the life of the loan.
The fixed rate currently offered is 6.70% per annum fixed for life.
The fixed rate you will be charged will be confirmed in your Loan Offer, together with a forecast of how the loan will grow over time based on that fixed rate.
The illustrative figures in the paragraph below assume a loan start date of 1 January 2024.
The Annual Percentage Rate (“APR”) depends on how much you borrow. Your APR will be calculated and provided to you during the application process. Representative APR on a loan amount of €75,000 over an assumed term of 15 years at a 6.70% fixed rate would be 7.11% per annum.
The APR Charges include a Set Up fee of €1,500 (inclusive of a valuation fee of €180 and a loan redemption fee of €100 (payable at the end of the Lifetime Mortgage term).
