Because the interest rate is fixed, it is possible to calculate what the loan balance will be at any future point in time.
However it is not possible to know in advance what the future house value will be, because future changes in house prices are unknown.
Example for illustrative purposes only.
The illustrative figures in the example below assume a loan start date of the 1 Sept 2023.
|Age of Younger Applicant: 70
||Maximum Loan Amount: €100,000
|Estimated Property Value: €400,000
||Requested Loan Amount: €75,000
|Assumed House Growth Rate: 2.0% avg. p.a.
||Setup Fee: €1,500, deducted from loan proceeds
|Fixed Interest Rate: 6.95% p.a.
||Net Loan Proceeds: €73,500
||Estimated Property Value
Note: For illustrative purposes, interest on the loan is calculated at a fixed rate of 6.95% per annum and compounded monthly. Your Annual Percentage Rate (APR) will be calculated and provided to you during the application process.
Spry will provide your own customised calculations as part of the consultation process. In the meantime you can use our Lifetime Loan Calculator to run as many scenarios as you like, using various loan amounts and house price growth assumptions.
Lifetime Loan Calculator
To qualify for a Lifetime Loan you (or the younger borrower if there are two) must be at least 60 years of age. The property must be of standard construction, located in the Republic of Ireland and be worth at least €250,000 if in Dublin or €175,000 if elsewhere.