So we are at an age to downsize now but cannot sell for a few years yet. Is there anyway to get half the value of your house (buy an apartment) and repay in one payment 3yrs down the road when home is sold. My working life is over and it's a case of asset rich cash poor, so not getting a mortgage. Any guide welcome.
Borrow money on value of home.
- Thread starter SDMXTWO
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Des Pondent
Registered User
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Not exactly what you are looking for but subject to conditions Spry Finance will lend you 15% - 40% of your house value depending on your age.
No repayments have to be made until you sell, die or cease to live there.
You could continue to live in your home indefinitely, or you could sell pay off Spry and buy an apartment in 3 years.
There is a set up fee of €1,500 and you will be charged a fixed interest rate of 5.45% that will compound for the duration of the loan.
Not recommending it one way or the other but might be worth carefully considering in your circumstances.
www.spryfinance.ie
No repayments have to be made until you sell, die or cease to live there.
You could continue to live in your home indefinitely, or you could sell pay off Spry and buy an apartment in 3 years.
There is a set up fee of €1,500 and you will be charged a fixed interest rate of 5.45% that will compound for the duration of the loan.
Not recommending it one way or the other but might be worth carefully considering in your circumstances.
Spry Finance Lifetime Loans - Equity Release for Over 60s
Spry Finance is here to help you decide whether a Lifetime Loan is best for you. Draw tax-free lump-sum cash without repayments.
www.spryfinance.ie
Last edited:
Brendan Burgess
Founder
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Spry won't be much use as they will offer you only about 15% assuming you are in your 60s.
Could you explain why you want to downsize now but can't sell now? There might be another solution.
Brendan
Well we have looked at apartments that would suit us and a number have come and gone. The house is big and full of stuff which we are getting rid of by bit but there is a lot, also waiting for one to finish college and do not want to create a fuss. So mainly logistics and some impatience as we would like to move 'tomorrow' into a new place and get on with it and afraid the selling process will drag out. Thanks.