Spry launches a new product with higher LTVs and lower age of qualifying

[Brendan Burgess]

Spry has just launched a new product.
If the borrower commits to paying the interest for a few years, they will lend more.

For example, under the basic product, the maximum loans are as follows:

So a 60 year old can borrow a maximum of 15% of the value of their home at the moment.

With the new product, a 60 year old who agrees to pay the interest for 10 years can borrow up to 32%

And the lowest age has been reduced to 55. If a 55 year old agrees to pay for up to 10 years, they can borrow up to 25% of the value.

https://www.spryfinance.ie/our-products/payment-reward-lifetime-mortgage/#video

I attach the factsheet for more information.

 

[Brendan Burgess]

The interest rate will be fixed at 5.7% for the period while you are making full repayments.

If you take out one of these mortgages, but do not make the full interest payments, the rate will be increased to 6.9%

After the period is up, you will pay Spry's standard rate of 6.7%.

 

[Brendan Burgess]

This will be a useful product for someone who faces the loss of their home because they can't clear the balance on retirement.