Avant Money shakes up the mortgage market with launch of new 30-year fixed-rate loan

The news that both Ulster Bank and KBC are planning to exit the Irish market over the coming years hasn’t exactly been the best thing we’ve heard all year (to say the least). 

That being said, the news has been tempered somewhat by a number of promising announcements from the likes of Avant Money and Finance Ireland when it comes to their mortgage offerings here, with competitive 10-year and 20-year fixed rates having recently been launched.

In what’s even more good news, Avant Money has today announced it will be going one better and introducing Ireland’s first-ever 30-year fixed-rate mortgage.

The launch of the new longer-term rate is part of Avant's new ‘One Mortgage’ offering.

With the news thankfully improving competition for consumers, it will also keep the pressure on rival lenders to match what is now a great value mortgage offering from Avant Money.

But before we get into the details of the latest announcement, here’s a quick reminder about the lender.

Who is Avant Money?

Avant Money is owned by Spanish banking group Bankinter and provides a wide range of personal finance products and services including mortgages, personal loans, and credit cards.

The lender was formerly known as Avant Card, which most readers may be familiar with, having rebranded in the summer of 2020 when it launched into the mortgage market here.

Avant offers mortgage rates as low as 1.95% and only introduced Ireland’s lowest 10-year fixed-rate mortgage in May.

What’s new?

Avant Money has announced it is to offer a brand new range of long-term fixed-rate mortgages, including introducing Ireland’s first-ever 30-year fixed-rate loan.

Rates for the 30-year loan start at 2.85% and go to 3.10% depending on how much of a deposit mortgage seekers have.

However if 30 years seems like too long a term to commit to, you'll be happy to know that new 15, 20, and 25 fixed rates have also been announced.

Rates start at 2.25% for a 15-year mortgage with a loan-to-value (LTV) ratio of 60% i.e. a deposit of 40%, which also undercuts Finance Ireland’s 15-year rate by 0.25%.

The new products complement the existing market-leading rates already available from Avant Money.

The new range of mortgage products will be available to both new and existing customers of Avant Money through its preferred panel of brokers, which includes bonkers.ie, from Friday 25th June.

Brian Lande, Head of Mortgages for Avant Money, said:

We’re delighted to launch this innovative new product, which offers Irish consumers the opportunity to lock into fixed rates for their full mortgage term at a time when interest rates are at a historical low.

We recognise that flexibility is important to customers, as individual circumstances can change. This is why we have added new features such as the 10% overpayment allowance, capped early redemption fees, and options should you move home.

This product provides an attractive option for customers who want certainty on their monthly outgoings, long term savings, and flexibility. I’m also delighted to confirm that we will be extending these new flexible features to all of our existing and new customers across our product range.

Today’s announcement further reinforces Avant Money’s commitment to bring real savings and choice to the Irish mortgage market.

What else do I need to know?

As well as its market leading rates and fixed repayments for the full term of the mortgage, Avant Money has said it’s also introducing flexible repayment options for customers.

For example, customers of Avant will have the flexibility to overpay on their mortgage by up to 10% of the outstanding balance each year; an increasingly common benefit with fixed rates but not something all lenders provide.

For those looking to pay off their fixed-rate mortgage early, Avant Money will also have cap early redemption fees to 2%, reducing to 1.5% after year 10. This makes Avant Money’s fees lower than that of Finance Ireland’s over the first 10 years.

More and more people are opting for fixed-rate mortgages instead of variable rates as they offer peace of mind and can help with budgeting. To find out more about why fixed-rate mortgages are on the rise, have a look at this blog. If you’re curious about the pros and cons of variable and fixed-rate mortgages, you can view our guide on the topic here.

What are Avant Money's new mortgage rates? 

Pricing will of course depend on a customer’s LTV and mortgage term. 

You can take a look at the range of new rates from Avant in our table below.

Compare mortgages on bonkers.ie

Are you planning to buy a home for the very first time or looking to switch your mortgage to avail of a cheaper rate?  You can use bonkers.ie to compare the market in just a few easy steps.

• With our mortgage calculator you can easily compare interest rates, loan terms, mortgage offers and cashback incentives from all of Ireland’s mortgage lenders, including Avant Money.
• All you need to do is fill in your mortgage details as prompted using our mortgage comparison tool, compare your results, and then start your mortgage application.
• You can also arrange a callback from a member of our mortgage team who will be happy to help with your application.

So what are you waiting for? Start your very own mortgage journey on bonkers.ie today!

We’d love to hear your thoughts on Avant Money’s new offer in the comment section below. 

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