Buy-to-Let Lifetime Loan

Release equity from your Buy-to-Let Property

Our Buy-to-Let Lifetime Loan allows you to release money from your investment or rental property, tax free, without having to sell it. You retain full ownership and continue to receive your rental income.

Our Buy-to-Let Lifetime Loan is a fixed rate product, which gives certainty about what the loan balance will grow to at any point in the future.

The fixed rate currently offered is 6.95% per annum fixed for life.

You can choose to pay up to 10% of the original amount of the loan advanced each year without any possibility of an Early Repayment Charge.

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Eligibility Criteria:

The Buy-to-Let Lifetime Loan is available to residents of the Republic of Ireland aged 60 or over who own a residential investment or rental property in the Republic of Ireland.

If there are two of you, the younger person must be 60 or over.
You must want to borrow a minimum of €50,000.
Your property must be of standard construction and worth at least €300,000 in Dublin or €225,000 outside Dublin. Properties at minimum values may be subject to restricted loan sizes
Your property must be mortgage-free or, if there is a small existing mortgage or charge on the property, this must be cleared either from savings or from the proceeds of your loan.
The property must be let out under a tenancy agreement registered with the Residential Tenancies Board (RTB).
You must maintain the upkeep of your property and keep it insured.

Is the Buy-to-Let Lifetime Loan a Lifetime Mortgage?

Although the Buy-to-Let Lifetime Loan does not meet the definition of a Lifetime Mortgage contained in the Consumer Protection Code, it operates in almost the same way.
The main difference between a Buy-to-Let Lifetime Loan and a Lifetime Mortgage is that it is secured against a property other than the borrower’s principle primary residence.
As a result, borrowers and/or their family members will not have the right to permanently reside in the property.
Customers of the Spry Finance Buy-to-Let Lifetime Loan will receive all other protections as customers of our standard Lifetime Mortgage (e.g. No Negative Equity Guarantee).

Please refer to our Fact Sheet for more information.

How much can I borrow?

The minimum loan size is €50,000.
The amount you can borrow is calculated as a percentage of your home’s value and depends on the age of the youngest borrower.
Customers aged 60 may borrow up to a maximum of 15%.
Buy-to-Let properties may attract Capital Gains Tax on any future gain associated with your property. Such tax can impact the Maximum Loan Size of the Buy-to-Let Lifetime Loan. To the extent that there is a potential Capital Gains Tax liability, we will adjust the maximum loan size accordingly.
Confirmation of the original acquisition price will need to be provided by your Solicitor.

Please contact us with your details and we can go through the calculations with you to determine your adjusted maximum loan size.

For more details on how much equity you can release with a Buy-to-Let Lifetime Loan please contact our Spry Finance Customer Care team on 01 5822 580

NEW LOAN ENQUIRY CALCULATOR

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