John Moriarty
CEO, Spry Finance
As people live longer with a range of health conditions, lifetime loans are increasingly seen as a safe way to afford their — and their loved ones’ — futures.
Spry Finance is the only lender providing lifetime mortgages in Ireland. CEO John Moriarty says: “We are providing financial choice for customers in the 60-plus age cohort to use the wealth that they have in their homes to assist them in the process of having a comfortable and healthy retirement.
“We do that in a very considered and transparent way. Recognising that they should talk to all their stakeholders, including their families and their advisers.”
What is a lifetime loan?
A lifetime loan is a mortgage loan secured against your home. Borrowers do not sell a share of their homes. They borrow a cash sum using their house as security. This type of loan is designed to last for the rest of their life but may be paid off early.
Unlike a fixed-term mortgage, there are no monthly fees and there is no negative equity. Instead, interest on a borrower’s loan accrues and is paid off at the end of their lives. Customers can choose to pay the monthly interest but are not obliged to.
The average age of a Spry customer is 72, and the median amount they borrow for a Lifetime Loan is €75,000.
We have a robust vulnerable customer
policy and continuously work hard to
ensure that our products, services and
advice are flexible, accessible and inclusive.
Customer-centric process in supporting care
Consumer research, undertaken on behalf of Spry Finance last autumn, found that 19% of people were interested in taking out a lifetime loan to afford care at home.
“This ranges from assisted living and personal care to long-term illness, specialised and palliative care,” explains Moriarty.
“We have a customer-centric process where we put the customer needs and decision-making at the heart of our process. That’s why we take the time to meet face-to-face with our customers — to ensure they understand our product and process; and we encourage them to include their family.”
He concludes: “We have a robust vulnerable customer policy and continuously work hard to ensure that our products, services and advice are flexible, accessible and inclusive.”
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