Want to Enjoy your Golden Years in Comfort without Worry – Spry Finance and MyMortgages are here for you
At MyMortgages, we understand that financial needs evolve as life does. That’s why we’re partnering with Spry Finance in order to help homeowners aged 55 and over unlock the value in their property with confidence, clarity, and flexibility.
As Ireland’s population continues to age, more people are looking for ways to support their retirement, help family, or simply enjoy more financial freedom — without having to sell or downsize. In Cork, where many communities have a growing number of older residents, we’re proud to offer tailored advice that reflects both local needs and national trends.
Our Range of Later Life Mortgage Solutions
Through our partnership with Spry Finance, Ireland’s leading provider of Lifetime Mortgages, we offer access to a wide range of products designed to provide a tailored solution for your later life mortgage needs.
Later life mortgages are typically available to homeowners aged 55 and over depending on the product. They allow you to release a certain percentage of your home’s market value as a tax free lump sum. You retain full ownership of the home for the duration of the loan and will be able to reside in the property for as long as you like. The loan is repaid either from your estate or from the funds from the sale of the house.
Standard Lifetime Mortgage
Designed for homeowners aged 60 and over, allowing you to release the value that has built up in your home over the years, tax free. This product is perfect for the homeowners that are looking to not have monthly repayments hanging over their heads.
For more info about this product click here
Payment Reward Lifetime Mortgage
Available to the widest range of homeowners as anyone over the age of 55 that meets the criteria for a loan can apply. This product allows you to release equity from your home while making monthly repayments for a certain period of time, during this repayment period you will be subject to a lower interest rate and then, if all repayments are made, you will move into a second reward rate at which time you will no longer be obligated to make monthly repayments. This product is perfect for homeowners that have a healthy monthly income and don’t mind making monthly repayments for a period of time.
For more info about this product click here
Guaranteed Inheritance Lifetime Mortgage
Our Guaranteed Inheritance product works much like the standard lifetime mortgage except that you retain a guaranteed 20% inheritance for your estate when your home is sold, regardless of whether or not the loan balance exceeds the final sale price. This is in exchange for a slightly increased interest rate. This product is perfect for homeowners that want to guarantee that they will leave a legacy for their inheritors.
For more info about this product click here
Second Home Lifetime Loan
This product works in a very similar way to the standard lifetime mortgage, the main difference being that it does not meet the definition of a lifetime mortgage, meaning it is secured against the property in question and not the primary residence of the borrower. This means that you will not have the right to permanently reside in the property. You will be limited to a smaller percentage of the property value when decided the loan amount.
For more info about this product click here
Buy To Let Lifetime Loan
This product allows you to release equity in an investment or rental property. The loan will be repaid from your estate or from the funds from the sale of your primary residence. This loan works in a similar way to the Second Home Lifetime Loan, in that it doesn’t meet the definition of a mortgage and therefore you will not have a right to reside in the property.
For more info about this product click here
Green Lifetime Mortgage Options
Both the Standard Lifetime Mortgage and the Guaranteed Inheritance Mortgage offer a green variant which will entitle you to a lower interest rate amount for the duration of your loan. In order to qualify for the Green Mortgage option, your home will need to have a BER rating equal to or greater than B3, or alternatively if you will use the funds from the loan to upgrade your home’s BER rating to B3 or higher, you will also be able to avail of the Green Mortgage option.
Why Should you Consider an Equity Release
Property values in Cork have been increasing rapidly over the past number of years, a lifetime mortgage would allow you to take advantage of this situation, by reallocating wealth from your assets to your cash on hand. Later life mortgages offer you a way to:
– Boost your pension or supplement your current monthly income
– Helping your younger family members find their feet
– Fund improvements to the home with regards to changing physical needs
– Providing an emergency cushion in the event of an emergency
How Lifetime Mortgages work
You are entitled to borrow a certain percentage of your house’s current market value that increase relative to your age. The loan is secured against the property, allowing you to keep full ownership of your house and giving you the right to reside in the property for as long as you want. The loan is repaid from the sale of your property, essentially adding another beneficiary to your inheritance. The interest on the loan can either be allowed to accrue and be paid off with the rest of the loan, or you make choose to make optional monthly repayments to help reduce the total amount to be paid off by your estate.
Important Points to Note
There are many benefits to obtaining a Lifetime Mortgage that can help alleviate any financial burdens that you may be carrying into retirement by offering a route to obtaining a tax free lump sum of money that can be used to pay off existing debts like a mortgage or personal loan without the need for monthly repayments. There are however considerations that need to be made when considering a Lifetime Mortgage, such as
– Reducing the value of your estate for your inheritors
– The interest can add up over time if you choose to not make repayments
– The loan can have an effect on your entitlement to means tested state benefits
– If you choose to pay off the loan early, early repayment charges may apply
– You will need to obtain independent legal advice in order to complete the application process
We are happy to help walk you through the process and answer any concerns or worries you may have in order to find the right mortgage solution that meets your specific needs. We will walk you through all the alternatives to a Lifetime Mortgage in order to ensure that you have all the information you need to make the right decision for you.
Contact us and see how your money can work for you
Feel free to contact us on (021) 427 7037 or on [email protected] to arrange a meeting to discuss the options available to you and how we can help you through the process to obtaining a worry free retirement