Green Lifetime Mortgage by Spry Finance
To help you live a greener life in later life.
The Green Lifetime Mortgage mirrors all the features of the Standard Lifetime Loan:
- With a reduced interest rate of 6.50% (6.70% Standard v 6.50% Green)
- And a lower set-up fee of €1,350
Who is it suitable for?
Green Lifetime Mortgages are designed for customers who:
Customer criteria
- If you have an existing Building Energy Rating (BER) of B3 or better and can supply a BER certificate at Loan Application; or
- If you intend to use your Lifetime Mortgage to fund home improvements to achieve a BER rating of B3 or better within 12 months of drawing down your loan; or
- If you intend to use a minimum of 50% of your Lifetime Mortgage for qualifying home improvements within 12 months of drawing down the loan.
Green Lifetime Mortgage Example
Qualifying Home Improvements
(Completed within 12 months of drawing down the loan)
Wall attic & floor insulation
Renewable energy systems, heat pump, solar panels
Installation of energy efficient controls
Window & door upgrades or replacements
Sustainable water / heating systems
Deep retrofit (e.g. SEAI Deep Retrofit Grant)
Ventilation Systems
Boiler upgrades & pipe insulation
For details of grants available under the National Home Energy Upgrade Scheme please visit Sustainable Energy Authority of Ireland’s website at www.seai.ie or email info@seai.ie
Customer Costs & Fees
Set-up Fee
€1,500 applies to new loans. This fee covers the cost of an independent property valuation (€225) and a contribution to the costs incurred by Spry Finance in arranging your loan (€1,275).
You can choose to pay the set-up fee in advance OR the fee can be included in your Lifetime Loan and deducted from the amount being borrowed.
We recommend you pay this fee upfront to avoid the fee increasing in value over time as indicated in Table 2.
Set-up Fee – Additional Lending (within 12 months)
€1,000 applies to additional lending taken out within 12 months of drawing down your original loan. This fee covers the cost of a revised property valuation and a contribution towards the costs incurred by Spry Finance in arranging your loan.
We recommend that you borrow the amount you need in a single advance to avoid incurring a set-up fee at a later date.
Loan Variation Fee
€500 applicable to any variations arising during the life of the loan, e.g. adding or removing a borrower.
You will be liable for any 3rd party costs incurred by Spry Finance when any variation is required during the loan (e.g. adding or removing a borrower). The 3rd party costs will be calculated at the time of the variation and we will provide you with details of these costs at the time.
Early Repayment Charge (ERC)
Where reference interest rates are lower when you are making an early payment than when the loan was taken out, an Early Repayment Charge (ERC) may apply. The ERC is the difference between the benchmark rate at the time of early repayment versus the benchmark rate at the time the loan is issued x number of years remaining for calculation purposes x loan balance.
Full details of the ERC are provided in the Spry Finance Guide to a Lifetime Mortgage, including details of exemptions to the ERC.
Loan Redemption Fee
€100 payable upon full repayment of the loan.
This fee contributes to the costs arising when discharging a loan e.g. legal or registration fees incurred by Spry Finance in redeeming the mortgage.
Legal Fees
In addition to fees payable to Spry Finance, you will be responsible for agreeing and paying
any fees your own Solicitor will charge for providing advice to you.
Home Insurance Fees
You will be required to maintain home insurance on the secured property at all times. You will be responsible for agreeing and paying such fees to your home insurance provider. In the event that home insurance is not maintained, Spry Finance may arrange this for you and charge it to your loan account.
Commissions Paid by Spry Finance
Advice First’s Commission
If your loan application is processed by Advice First Financial, Spry Finance will pay us a once off fixed commission of €1,700, when your loan is drawn down.
This fixed payment, will be paid by Spry Finance irrespective of the amount you borrow
Contact us about Green Lifetime Mortgage
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The following warnings contain important information so please read them Carefully:
Warning: While no interest is payable during the period of the mortgage, the interest is compounded on a monthly basis and is payable in full in circumstances such as death, permanent vacation of or sale of the property.
For Fixed Rate Lifetime Mortgages
If your lifetime mortgage is being used for debt consolidation purposes:
Ready to explore your options?
Later life mortgages can help you access the value of your home while maintaining control and flexibility. If you live in Donegal and want to see what is possible, our team can guide you through your choices.
Book a confidential consultation in Letterkenny or Buncrana to compare products, understand the rates and decide what works best for you.
If you prefer to speak face-to-face, our offices in Letterkenny and Buncrana are open Monday to Friday. Drop in or book ahead to discuss your retirement goals, learn more about later life mortgage interest rates and get trusted local advice from a team that knows Donegal well.