03-Feb-2009

Available to borrowers aged 60 or older who own their own home in the Republic of Ireland. Where there are two borrowers both must be over 60.
Property must be the main residence and worth at least €250,000 if in Dublin or €200,000 elsewhere. (Properties valued between €180,000 and €200,000 can be considered on a case by case basis). Not currently available on apartments.
Minimum loan is €20,000.
Maximum loan is 15% of property value at age 60 rising by 1% per year of age (at date loan initiates) to 45% at age 90 and above. Example: 25% at age 70.
Maximum loan size €200,000 irrespective of age of borrower(s) and value of property.
Loan to be taken as a lump sum.
Express Top Up facility also available, but subject to terms and conditions.
Variable interest rate, currently 6.25% (APR 6.55%) likely to reduce by 0.5% shortly