“We know that there’s demand for our product, not only because of the growth that we’re seeing, but ... also from the fact that the over-60s are incredibly poorly served by the traditional banking sector,” said chief executive John Moriarty. “When the banks won’t lend, the alternatives — downsizing, or renting rooms in your home — don’t appeal to many.
Lifetime loans operate by lending a person or couple a proportion of the value of their home. Interest on the loan can be consolidated with the original borrowings with the full amount paid off when a person dies or the property is sold. Spry’s contract stipulates that the money owed will never exceed the eventual value of the property at the time the loan falls due.
The loan application process carries a flat cost of €1,500, including a property valuation. But that figure does not include the cost of legal advice secured by the applicant. People who choose to do so and have the financial resources can repay up to 10 per cent of the loan in any year spread over up to four annual payments if they choose.
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