For a limited time the lender is offering the lump sum to entice mortgage holders to switch.
Cashback has become a popular feature in the Irish mortgage market over the past few years, not only for first-time buyers, but also for switchers to help them cover the legal fees involved in switching mortgage.
Several lenders offer cashback to those looking to switch. And now Avant Money, which has some of the best rates in the market at present, is offering a good incentive too.
Here's everything you need to know...
New Avant Money switching offer
Avant Money is offering €2,000 cash to everyone who switches their mortgage to the lender and who draws down the mortgage by 15th March 2024.
The legal fees associated with switching mortgage usually come to around €1,000 to €1,500. So this means you’ll have more than enough money to cover the fees and even have a bit left over to treat yourself to a nice weekend away or a fancy coffee machine for the kitchen perhaps.
There are a few caveats of course. For example you must be switching a minimum of €100,000 and the offer only covers plain mortgage switches, in other words, applicants must not be looking to borrow any extra money.
Avant also only offers fixed rates to new customers so you'll have to be happy to switch to a fixed rate too.
Switch your mortgage with bonkers.ie
If you do decide to switch your mortgage, remember that bonkers.ie can do it for you with the help of our mortgage broker service.
Just submit an online enquiry here and one of our experienced financial advisors will call you back to get your switch application started.
What’s more, you’ll be happy to hear that our mortgage broker service is completely free and is fully digital from start to finish, meaning your whole application can be carried out online from the comfort of your home. And it's completely paper-free too!
Is it worthwhile to switch mortgage?
Although mortgage rates have increased over the past 18 months in response to a big hike in rates from the European Central Bank, there is still value to be had by switching in many cases.
Rates as low as 3.65% are still on offer from some lenders for example. So if you're currently paying over 4% it could be worthwhile for you to switch.
Also, if you're on a fixed rate that's due to come to the end of its term over the coming year, it's vital that you compare the market to see if you can get better value elsewhere. In many cases the rate a bank offers its existing customers who are looking to re-fix are higher than the rates it will offer new customers. So it definitely pays to shop around when it comes to re-fixing in just the same way it pays to shop around when looking to renew your car insurance.
Your bank is obliged to write out to you 60 days before your fixed rate is due to expire and provide you with a list of rate options. Once you get this letter contact bonkers.ie as soon as possible and we can discuss your options so that you don’t automatically roll over onto an expensive variable rate with your existing lender as this is what often happens if you don’t review your options before your fixed rate ends.