Would you like a mortgage until you reach 80? A new lender is offering long-term loans

A new lender in the Irish mortgage market is offering mortgage loans up to a maximum age of 80. 

MoCo, which is owned by Austrian bank Bawag, recently entered the Irish market and is expected to add competition in the home-loans market. 

In January it launched its first home loans in Ireland, including a five-year fixed rate, starting from 4.5pc. This is a lower rate than those being offered by the main banks.

"You can apply for a mortgage with MoCo with a maximum term of 35 years and up to a maximum age of 80. If the term extends beyond your expected retirement age we will assess your ability to service the mortgage beyond that point. Our minimum mortgage term is 10 years," MoCo outlines on its website. 

The minimum mortgage amount you can apply for with MoCo is €125,000.

"By availing of a mortgage with MoCo, you will receive cash of €1,500, paid to you in the month following your first monthly instalment. This is a benefit to you as a MoCo customer and is not required to be repaid," MoCo adds. 

The offer of a mortgage up to the age of 80 is a new departure, and not something which was available before this. 

The average life expectancy in Ireland is just under 83 years of age, so if you manage to achieve that milestone, you would have very few years of mortgage-free living.