Bank of Ireland - Lifeloan

[MrEarl]

Hi,

BoI previously provided an equity release product, called a "Lifeloan" (essentially an intetest roll up, product).

Does anyone happen to have a copy of the terms and conditions for this product, please?

Amongst other things, I'm wondering:

* Can the loan be repaid, in part or all, without the sale of the property?

* Assuming the answer is yes, are there any penalties, for early repayment?

* Did the Bank create a formal mortgage on each borrower's property, or were some loans granted based on the equitable deposit of title deeds, by the borrower ?

Many thanks,

 

[Brendan Burgess]

Hi Mr Earl

See brochure attached. I can't find any terms and conditions.

The LifeLoan was issued at a rate fixed for 15 years.

I understood that it could be repaid at any time, but there would be a penalty for early repayment during the fixed rate period. But the brochure doesn't say this.

They switched it to a variable rate when the 15 years was up and so it could be repaid any time without penalty at that stage.

I think that the borrower could have fixed again after 15 years, but I am not sure. If they did fix, they would pay an early repayment charge.

Brendan

Bank of Ireland Life Loan interest rate

My understanding is that the Bank of Ireland Life Loan (designed to release equity on property to those aged over 65) was at a fixed rate compounded at about 6.9% for 15 years. These loans were first issued in 2001. Does anyone know the new rate (fixed or variable) since 2016? Edit: I know the...

www.askaboutmoney.com

 

[MrEarl]

Many thanks