FAQs - Fixed Rate Loans
The answers below are for fixed rate loans. If you have a variable rate loan, please click here instead »
Are there any charges for making early repayments?
Possibly. Because your loan has a fixed rate, if you make any loan repayments before you are required to, this will lead to unexpected costs for Seniors Money. An Early Repayment Charge (ERC) may arise if you repay some or all of your fixed rate loan within 10 years of taking it out. However there are several exemptions and situations where no ERC will be charged. You can find full details of these exemptions and how the ERC is calculated here.
How can I make payment?
We accept payment by EFT, cheque, bank draft, Postal Order, Direct Debit or Standing Order. Credit card or Cash payments are not possible.
How do I pay by EFT?
You need to set this up yourself with your own bank. Please contact us for our bank account details to be used when paying by EFT. Remember to reference your SMI account number when making payment.
How do I pay by cheque, bank draft or Postal Order?
Make your cheque/draft/order payable to ‘Seniors Money’ and post it to:
PO Box 12998
Remember to reference your SMI account number when making payment.
How do I pay by Direct Debit?
We will send you a DD mandate form (or you can find it here and print it off yourself) which you can complete and return to us at:
PO Box 12998
Will my fixed interest rate ever change?
No, because you borrowed at a fixed interest rate for life, your rate will never change. If at some future point however you take out a new loan with us, the old loan will be repaid and the interest rate on the new loan will be set based on our current lending rates at that time.
Can I apply for a 'Top Up' on my fixed rate loan?
You can’t ‘top up’ your existing fixed rate loan but, subject to lending criteria, you may be eligible to apply for new larger loan. Your existing loan would have to be repaid out of the proceeds of the new loans and the new loan would be at a new interest rate. You would be required to go through a similar consultation process with our retail division, Spry Finance, as is required for any new loan. Click here for information on what would be involved.
Can I apply for a new loan, based on my current age and house value?
Yes. Your existing loan would have to be repaid out of the proceeds of the new loan and the new loan would be at a new interest rate. You would be required to go through a similar consultation process with our retail division, Spry Finance, as is required for any new loan. Please click here for information on what would be involved.
I have a new spouse/partner. Can they be added as a Nominated resident?
A ‘Nominated Resident’ is a person who qualified for the loan when it was applied for and who has the right to remain living in the home for as long as they like or as long as they live. There is a maximum of two Nominated Residents and these would have been nominated when the loan was first taken out. Adding a new person as a Nominated Resident after the loan has commenced is not normally possible, but please contact us to discuss your situation and explore if it is possible for your new spouse or partner to become a borrower or Nominated Resident. Apart from all other considerations they would have to meet our minimum age requirement, and the loan balance would have to meet our Loan to Value requirement based on the younger person’s age where there is more than one Nominated Resident.
My spouse/partner has died. How does that affect the loan?
Your Seniors Money Lifetime Loan only becomes repayable when the last surviving Nominated Resident has passed away (or permanently moved out) so there is no change to the loan and it will continue as normal. Please contact us to let us know that your spouse/partner has passed away so we can update our records and change the contact details on future letters and account statements.
My spouse/partner has moved out of the house and into long term care. How does that affect the loan?
Your Seniors Money Lifetime Loan only becomes repayable when the last surviving Nominated Resident has permanently moved out (or passed away) so there is no change to the loan and it will continue as normal. Both of you will continue to be borrowers under the loan, and letters and statements will continue to be addressed to both of you at your home address. Please contact us to let us know that your spouse/partner has permanently moved out so that we can update our records accordingly.
Can I nominate someone to be my Personal Representative and authorise them to deal with you in relation to my loan?
Yes, you can, but we will need your authorisation in writing. Please send us a short note to include the following required information:
- Your SMI loan number and the address of the property the loan is against.
- Your current address, if you have moved out of your home and into care.
- The name(s) of the person(s) you are authorising.
- Contact details for each person (address, email, telephone number).
- A statement that you are authorising them to act on your behalf in relation to the loan and that Seniors Money has your permission to discuss the loan with them and deal with them in relation to it.
- If relevant, an instruction to Seniors Money as to which person to send future correspondence to.
- Your signature (both borrowers’ signatures if there are two borrowers).
We will also need your representative’s written consent, to include:
- Their consent to acting on your behalf in relation to your loan.
- Their consent to Seniors Money holding their personal contact details on file (this is a GDPR requirement).
- Their signature.
Both your Authorisation and your representative’s Consent should be dated and posted to us at the following address:
Seniors Money Mortgages (Ireland) DAC,
P.O. Box 12998,
I want to move out of my home temporarily. How does that affect the loan?
You are allowed to be absent from your home for up to twelve months before being deemed to have permanently ceased to reside there, which would trigger the need to repay the loan. If you intend to move out of your home for a period greater than twelve months (e.g. to travel) then you must inform us immediately. You are entitled to ask us not to demand repayment of the loan after the twelve months have expired. While we are not obliged to agree to this, we will of course take all relevant circumstances into consideration, including the arrangements you will put in place to maintain the security of your home in your absence.
I want to sell my house and move to another. Can I transfer my loan to the new home?
The loan will become repayable if you ever sell your home. It may be possible to ‘transfer’ the loan to the new home if the property meets our eligibility requirements, and subject to other terms and conditions. In addition the loan balance cannot exceed the Loan To Value rules so, in practice, some of the existing loan balance would need to be repaid if the new home is worth less than the old one.
Can I rent out my home?
If you intend to be absent from your home for a period of up to 1 year, but also genuinely intend to return to it, and want to rent it out for that time, you may ask us to consent to this and not to regard this as you ceasing to reside there. We are not obliged to consent and our consent would be subject to reasonable conditions.
Can I sell a portion of land on my property?
If you wish to sell a portion of the land over which Seniors Money holds security, your solicitor should write to us submitting a map clearly showing the land we hold the charge over and the portion of that land that you wish us to release our charge over. Our decision will be made on a case-by-case basis taking into account the effect such a release would have on our overall security position. A valuation may be required as part of the decision process.