The company is the latest lender to cut its rates in a sign of increasing competition in the Irish mortgage market.
Avant Money is the latest lender to cut its mortgage rates as a mini rate war breaks out among lenders.
In recent weeks PTSB, AIB, EBS and Haven have all reduced some of their mortgage rates while Bank of Ireland introduced a new set of competitive fixed rates based on the energy rating of the property as opposed to the loan-to-value ratio.
Not to be outdone, Avant has announced that it’s also reducing its rates as well as launching a new cashback offer for switchers.
Here's everything you need to know...
New lower fixed rates
Avant is cutting its fixed rates by up to 0.45 percentage points for first-time buyers, movers and switchers.
Its fixed rates will now start from 3.60% which is the lowest non-green rate on the market.
Avant is also simplifying its pricing. There will now be just two loan-to-value rate bands for customers, whereas previously there were four. The loan-to-value is the amount borrowed relative to the property value.
The new rates come into effect from 3rd May and will save the average first-time buyer around €50 to €60 a month.
Here's a look at Avant's new rates. Remember you can compare all rates across all lenders using our free mortgage calculator.
|
Product |
≤ 80% Loan-to-Value |
>80% Loan-to-Value |
|
3-Year Fixed |
3.70% |
3.95% |
|
4-Year Fixed |
3.60% |
3.80% |
|
5-Year Fixed |
3.80% |
3.95% |
|
7-Year Fixed |
3.80% |
3.95% |
|
10-Year Fixed |
3.80% |
3.95% |
|
One Mortgage |
3.80% |
3.95% |
New 1% cashback for switchers
Avant has also launched a new cashback offer for switchers.
If you switch to Avant and draw down your new mortgage between 3rd May and 29th November 2024 you’ll get 1% of your mortgage back in cash. So €2,000 in cash on a mortgage switch of €200,000 for example.
However to avail of the switching offer you must have a minimum of €100,000 remaining on your mortgage.
The legal costs associated with switching mortgage are often cited by mortgage holders as one of the main barriers to switching. These fees usually come to around €1,500 for switchers so this new offer should more than cover the costs and help alleviate the fear of switching.
Avant has no cashback offer for first-time buyers or movers for now. But it does have some of the lowest rates.
You can read here about all the cashback offers that are now available from all lenders in Ireland.
Our fixed rates are reducing by up to 0.45% and our simplified pricing provides even better value to customers across our full range. We’re also delighted to launch a new mortgage switching incentive which offers 1% of the mortgage amount in cash. This should encourage the many mortgage holders who are currently paying unnecessarily high rates to consider the benefits of switching to Avant Money’s new lower rate products.
Brian Lande, Head of Mortgages at Avant Money
Avant Money to expand its services in Ireland
As well as cutting its mortgage rates, Avant has announced that it's expanding its services in Ireland.
With the backing of its large Spanish parent, Bankinter, Avant plans to start offering savings and deposit products and retail banking services to Irish customers over the coming months.
Get your mortgage with bonkers.ie
If you’re hoping to get your foot on the property ladder over the coming year, or are looking to save money by switching to a cheaper rate with a different lender, bonkers.ie can help.
Use our free mortgage calculator to easily find the best interest rates and cashback incentives from all of Ireland’s mortgage providers.
And when it’s time to apply for your mortgage, you can submit an enquiry through our free mortgage broker service and one of our experienced financial advisors will call you back to get your application started. We'll guide you through your entire mortgage journey from application to drawdown and can help you with getting mortgage protection and home insurance too.
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