Applying for a lifetime loan is one of the most important financial decisions you can make. This guide will outline how you can start the application process for a lifetime loan on bonkers.ie.
A lifetime loan, also known as equity release, is a big commitment and may seem daunting at first. However, in this guide, we’ll break down the application process into three simple steps.
This is the second guide in this five-part series exploring lifetime loans. The other guides in the series will be linked at the end of the page.
Step 1 - Tell us the value of your home
Before you submit your interest in applying for a lifetime loan, you must check to see if you and your home meet certain criteria.
For instance, to qualify for a lifetime loan your property must be your primary residence, be of standard construction, and within the Republic of Ireland. It must also be worth at least €250,000 in Dublin, and €175,000 elsewhere in the country.
A lifetime loan is directly linked to the value of your home, and the equity you have in it. Therefore, the size of the maximum loan you could qualify for depends on the value of your home - the more valuable it is, the bigger the loan you could qualify for.
A lifetime loan is paid as a cash sum following drawdown, allowing you to spend it on whatever you please.
If your property has a BER of B3 or higher, or you plan on doing retrofits to improve the efficiency of your home, you could qualify for a green lifetime loan, offering a discounted interest rate and set-up fee.
If you would like to find out more about lifetime loans, check out our Quickstart Guide.
To learn more about the conditions regarding your property, read our FAQ guide here.
To proceed to the next step, simply type in the value of your property.
Step 2 - Fill in some details
After you’ve entered the value of your property you will be brought to our enquiry page. Here you will need to fill in a few details about:
- Yourself: Name, gender, and age
- Your contact information: Email, phone, and address
- The BER rating of your home
- Whether you are applying for a joint application
Once you’ve provided us with that information, you will need to arrange a callback time with one of our financial advisors. Choose a time that suits you best from our list of available options and tick off the necessary declarations to submit your application.
You will then receive a confirmation email and reference number for your appointment.
Step 3 - The callback
One of our qualified financial advisors will give you a call at the time you specified and should take no more than 10 minutes.
You will be asked some basic questions, such as whether you understand what a lifetime loan is, and whether you would be eligible based on the details you provided us in the application form.
This is also a great opportunity to ask any questions you may have about an equity release, your situation, and the next stages.
If you are deemed eligible, our financial advisors will pass on your details to the lender, who will then reach out to you within two working days.
That’s all there is to it!
Apply for a lifetime loan on bonkers.ie
If you feel ready to begin your application, simply head over to the lifetime loan page and begin your lifetime loan journey today!
It’s that simple!
Don’t forget on bonkers.ie you can cut the cost of your household bills across energy, broadband, banking, and insurance products with the help of our free and easy-to-use comparison services.
Take a look at our other lifetime loan guides
If you found this guide helpful, make sure you check out the other lifetime loan guides in our series. You may be interested in the following:
- Check out our Quickstart Guide for a general summary and links to other lifetime loan guides.
- Want to learn about the key considerations to make before applying for a lifetime loan? Take a look at our guide explaining the most important things to consider.
- Still have questions? Head over to our most frequently asked questions guide where we break down the most common questions.
- Confused by the jargon? Read our guide explaining the most lifetime loan terms.
Any questions?
If you have any questions about any of the points discussed in this guide, or about lifetime loans in general, contact our team today on Facebook, Twitter, TikTok or Instagram.
