Please note that Seniors Money is not currently accepting new applications. It is our intention to resume lending as soon as possible but no date is confirmed yet. The information on this site is here to help you decide if a Lifetime Loan from Seniors Money might be suitable for you.
The answers below are to questions about new loans. If you have a question about an existing Seniors Money loan, please click here instead »
Are you lending? Can I apply for a loan?
We are not lending at the moment or taking new applications, but we are happy to add your details to our waiting list and contact you again if and when we resume lending.
When will you lend again? When is the soonest I could expect to get a loan?
- We are not in a position to give a precise date but we hope to resume lending as soon as possible in the latter part of 2020 or early in 2021.
- It then usually takes 2-3 months from application for a loan to complete.
How does the loan work?
- It’s a loan secured against the Title of your property (as with a standard mortgage).
- The difference is that no regular repayments are required during the lifetime of the loan.
- If there is an existing mortgage, it would have to be repaid before we can lend – it can be repaid using part of the new loan proceeds.
- If there are any judgements against the property they would first have to be cleared.
When does the loan become due for repayment?
- Immediately if you ever sell the house, e.g. if you ever decided to downsize in the future the loan would have to be repaid.
- 12 months after you permanently stop living in the property (e.g. if you ever moved into a nursing home)
- 12 months after you die.
- Where there are 2 borrowers, 12 months after the second borrower permanently ceases to reside or dies.
What if I want to make regular payments or repay a chunk of the loan? Do you accept payments or can the loan be repaid early?
In the case of the current product, which is variable rate, yes, we are entirely flexible about repayments and any amount may be repaid at any time without fees or penalties. We accept standing orders, direct debits or cheques/bank drafts.
For the new product, if it is also variable rate, then the same flexibility will apply. However if it is a fixed rate product, there will probably be some rules on how much can be repaid and when, and some form of early repayment charge would arise, as for any fixed rate mortgage.
How much can I borrow?
- The loan is calculated based on your age and the value of your home.
- For example, assuming the same rules as for the existing product, you could borrow a maximum of 15% of the property value at age 60, 16% at age 61, 17% at age 62 all the way up to a maximum of 45% at age 90 or older.
- The exact percentage at each age will be confirmed when we resume lending
- Where there are 2 people applying (a couple) we use the age of the younger person to determine the maximum loan.
- As part of the application process we arrange an independent Estate Agent to value your home.
How much will I be able to leave my family?
This will depend on how much you decide to borrow, interest rates, house price inflation and how long the loan is in force.
Will I need to get my house valued?
As part of the application process would appoint an independent registered valuer to inspect your house and confirm its value.
What costs are involved?
Specific details are yet to be announced but there will be fees and charges to cover:
- Costs incurred by Seniors Money in arranging your loan.
- The cost of the property valuation.
- The cost for obtaining Independent Legal Advice from a solicitor of your choice.
A full summary of the costs involved in our previous product can be found in the Seniors Money Lifetime Loan Fact Sheet »
Will I continue to own my property?
Yes, you would still have full ownership of your property and can continue to live in it for as long as you wish or as long as you live.
What happens to my house when I die or move to permanent long-term care?
The loan becomes repayable 12 months after you die or permanently cease to reside in the house. You or your estate are not obliged to sell the house if there is an alternative available to repay the loan. However if no other arrangements have been made to repay the loan your house would have to be sold to repay the loan out of the proceeds. The balance of the sales proceeds belongs to your estate.
What will happen if the value of my property falls?
Our "No Negative Equity" Promise ensures that neither you nor your beneficiaries will ever have to repay more than the net sales proceeds of your property provided all loan conditions are met - even if the loan balance (including accrued interest and charges) exceeds the net sales proceeds.
Can I move if I want to and transfer the loan to a 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 LTV rules so, in practice, some of the existing loan balance would need to be repaid if the new home was worth less than the old one.
Will you lend against investment properties, second homes or holiday homes?
No, we only lend on the family home where you live permanently.
We only lend on homes located in the Republic of Ireland, and they must be of standard construction.
Will I need to use a solicitor?
Yes, you would be required to receive Independent Legal Advice prior to signing the loan agreement, from your own solicitor acting for you and not for Seniors Money.
What is the interest rate?
Details will be announced when we resume lending and will depend on market rates at the time. In general the rate would be c.1.5-2% higher than standard mortgage rates.
Will you need the deeds to my home?
Yes, this is standard for all mortgages where a charge is being registered against the title of your home. When the loan is repaid they will be returned to you or the Executors of your Estate.
What happens if the value of my home falls to below the loan balance?
We will continue to offer a No Negative Equity Guarantee for new loans. This means that you will never owe more than the value of your home.
Warning: While no interest is payable during the period of the mortgage, the interest is compounded on a monthly basis and is payable in full in circumstances such as death, permanent vacation of or sale of the property.
Warning: Purchasing this product may negatively impact on your ability to fund future needs.