Second Home Lifetime Loan

Eligibility Criteria:

The Second Home Lifetime Loan is available to residents in the Republic of Ireland aged 60 or over who own a residential second (non-tenanted) private 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.
• Your property must not be used for commercial purposes.
• You must live in the property for at least eight weeks a year.
• You must maintain the upkeep of your property, visit it on and regular basis and keep it insured.

Is the Second Home Lifetime Loan a Lifetime Mortgage?

• Although the Second Home 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 Second Home 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 Second Home 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.