Standard Lifetime Mortgage by Spry Finance
What is a Lifetime Mortgage?
A Lifetime Mortgage allows you to release money from your principal private residence, tax free, without having to sell it. You retain full ownership of the property and continue to live in it for as long as you wish. You do not have to make monthly repayments unless you want to. The loan will usually be repaid from your estate or on the sale of your property.
2 minute 28 second video about Standard Lifetime Mortgage
Who is it suitable for?
Lifetime Mortgages are designed for customers who:
Customer criteria
- Are aged 60 or over. If there are two of you, the younger person must be aged 60 or older.
- Own their own residential property in the Republic of Ireland.
- Are resident in the Republic of Ireland.
- Want to borrow a minimum of €20,000.
For your property to be eligible:
- It must be your primary residence.
- It must be of standard construction located in the Republic of Ireland.
- It must have a minimum value of €225,000 outside Dublin or €300,000 in Dublin.
- It must have a maximum of two named owners on the deeds of the property.
- It must be mortgage free. If there is an existing mortgage or charge on the property, this must be cleared either from savings or from the proceeds of your Lifetime Mortgage.
- Certificate of Title must be confirmed by your Solicitor.
- Home Insurance must be maintained at all times on your property.
- All local property tax charges must be up to date.
How much can I borrow?
- The minimum loan size is €20,000.
- The amount you can borrow is calculated as a percentage of your home’s value and depends on your age, subject to an overall maximum of €500,000 regardless of age or property value (see Table 1).
- Customers aged 60 may borrow up to a maximum of 15.0% of the value of their property.
- For example, a customer who is 70 years of age can borrow a maximum of 25% of the value of their property (see Table 1).
- If there are two of you borrowing together, the amount available will depend on the age of the younger borrower.
- In order to gain an accurate value of your property, an independent valuer will be appointed by Spry Finance.
Use the Lifetime Mortgage calculator to check the impact of making optional repayments on your loan.
Table 1 | Calculation of the Lifetime Mortgage amount
| Age | Loan Limit* |
|---|---|
| 60 | 15% |
| 65 | 20% |
| 70 | 25% |
| 75 | 30% |
| 80 | 35% |
| 85 & older | 40% |
* Loan Limit means the percentage of the property’s value that can be borrowed.
Interest rate
6.70% per annum fixed rate, added to your loan monthly. Annual Percentage Rate (“APR”) 7.11% (assuming a loan amount of €75,000) over a term of 15 years.
Rate is correct as of Sept 2025 but may change before the loan is drawn down. Loan offer is valid for 30 days.
Optional repayments
- You can choose to pay up to 10% of the original loan amount per year to service the interest and manage the balance of your loan without incurring an Early Repayment Charge (ERC).
- You can do this by making regular monthly direct debit repayments or by electronic payment.
- Payments in excess of 10% of the original loan balance per year may result in an ERC.
Full details of the ERC are provided in the Spry Finance Guide to a Lifetime Mortgage, including details of exemptions to the ERC.
Visit Lifetime Mortgage calculator to check the impact of making optional repayments on your Lifetime Mortgage
Advice
- Your Advice First Financial Advisor will advise you on the suitability or otherwise of a Lifetime Mortgage.
- We strongly recommend that you seek additional financial advice from a qualified source about any possible effect that a Lifetime Mortgage could have on any means-tested State benefits and other related matters.
- You must also seek independent legal advice from a Solicitor.
- We strongly recommend that you discuss your intention to apply for a Lifetime Mortgage with your family.
Table 2 | Estimated Overall Cost of Set-up Fee
| Year | € |
|---|---|
| 0 | 1.500 |
| 5 | 2,095 |
| 10 | 2,927 |
| 15 | 4,089 |
| 20 | 5,712 |
Based on interest rate 6.70%
Note: We recommend that this fee is paid upfront to avoid the fee increasing in value over time.
Contact us about Standard 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.