Life Loan
Are you 65 or over and own your home? Life Loan can unlock some of the value of your property for you:
- Get a lump sum from €20,000 to €400,000
- Use it for any purpose you like
You can be a married couple, partners, single or widowed, and you don't have to be a Bank of Ireland customer to apply for a Life Loan.
- 1890 365 345
- Branch Locator
Take advantage of your biggest asset to make life easier
For more information please view the Life Loan brochure (PDF, 225KB)
There are no restrictions on what you spend the money from your Life Loan on. You can use it to:
- Do home improvements
- Buy a holiday home
- Give financial support to family members
- Generally improve your quality of life
Normally no repayment is necessary until you sell your home or leave it for six months, or until the last borrower passes away.
The minimum property value against which a Life Loan is advanced is:
- Dublin: €400,000
- Cork, Limerick and Galway Cities: €250,000
- Elsewhere: €200,000
If you are considering a Life Loan, we strongly recommend that you get independent welfare, financial and legal advice.
We will require that you show you have obtained independent legal advice concerning your financial arrangements generally including estate planning and your availing of this product. The details of this advice are a matter for you and your solicitor, of course, and we will not ask you to give us any details of it.
Warning: Purchasing this product may negatively impact on your ability to fund future needs. Interest Rates on a Lifeloan are fixed for the first 15 years. After that there will be an option to choose either another Fixed Rate or a Variable Rate.
If your mortgage is an equity release mortgage and is being used for debt consolidation purposes:
Warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.
Consumer Credit Act Warnings
Warning: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT. THE LENDER MAY ADJUST THE PAYMENT RATES ON A HOUSING LOAN FROM TIME TO TIME. YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE LOAN EARLY.
If you are considering an interest-only term:
Warning: The entire amount that you have borrowed will still be outstanding.
Lending criteria and terms and conditions apply. Security and insurance required. The maximum mortgage is normally 90-92% of the property value. As a general rule, mortgage amounts up to 4/5 times an individual's gross annual income are considered, and will vary according to individual circumstances. A typical variable rate mortgage of €100,000 over 20 years costs €531.59 per month (APR 2.60%). The cost of your monthly repayments may increase. A 1% interest rate rise will increase this repayment to €581.48 (APR 3.60%). This is an increase of €49.89 per month. Information correct as at 14th May 2009. Bank of Ireland Mortgage Bank is a member of Bank of Ireland Group. Bank of Ireland and Bank of Ireland Mortgage Bank, trading as Bank of Ireland Mortgages are regulated by the Financial Regulator.
Home insurance discount is available from 01/09/2009 and expires on the 31/03/2010. Home insurance and mortgage repayment cover are provided by Bank of Ireland Insurance Services Limited, a member of the Bank of Ireland Group. Cover is subject to underwriting requirements and terms and conditions apply. Bank of Ireland Insurance Services Limited is regulated by the Financial Regulator. Home insurance is issued by RSA Insurance Ireland Limited. RSA Insurance Ireland Limited is regulated by the Financial Regulator. Mortgage repayment cover is underwritten by Financial Insurance Company Limited trading as Genworth Financial. Financial Insurance Company Limited is regulated in the UK by Financial Services Authority and in Ireland by the Financial Regulator.
- Locate a Branch
- Life Loan (PDF 225KB)
