Ireland’s newest mortgage lender, Avant Money, has announced that their new mortgage repayment rates are lowest in the Irish market, starting as low as 1.95%.
Avant Money is owned by Spanish banking group Bankinter, which also has operations in Portugal and Luxembourg.
Chris Paul, CEO of Avant Money said: “We are confident that our products and rates will be appealing to Irish customers who have been under-served for far too long when it comes to their mortgages.
“Unlike other providers, we have shunned short-term gimmicks such as cashback offers in favour of products and rates geared towards providing true, quantifiable savings over the life of a typical mortgage.”
Irish Mortgage Corporation (IMC) has been selected by Avant Money as one of their first mortgage brokers. With previous access to the seven Irish mortgage lenders, IMC now has access to all eight lenders in the Irish Market, including Avant Money as their newest addition.
With Avant Money’s cheap product offering and interest rates, Irish Mortgage Corporation have reported on the potential savings when buying a house throughout the nation. Their comprehensive report compares the best mortgage offers that are now available with Avant Money, with the most expensive on the market.
The savings available for buyers on their monthly mortgage payments, as well as overall interest paid until the mortgage is paid off, are huge. As a mortgage is a long-term commitment, it is necessary to view this over the full term, as 30 years.
In Dublin, the average price of a 4-bed semi is €627,945. Over the course of 30 years, with the most expensive lender, a buyer will pay back €341,294 in interest. Though if buyers now choose Avant Money as their lender, they will only pay back €227,186 in interest. Over 30 years, that is a huge saving of €114,108.
Liam O’Connor, Sales Director, Irish Mortgage Corporation, commented on the new mortgage lender, “We are delighted to see the entry of Avant Money to the Irish mortgage market. It’s clear from these numbers that the potential savings available taking an Avant Money mortgage are huge. We are also concerned that not enough emphasis is placed on the APRC when comparing mortgages. We would encourage consumers to focus much more on this as a comparison measure as opposed to just the initial mortgage payment and potential upfront incentives or inducements that might be available.’’
Avant Money is offering their lowest rate at 1.95%, along with an 80% LTV 3 year fixed rate at 2.20% (APRC 2.66%) and a 2.75% current prevailing variable rate over a 30 year term. The most expensive lender on the market offers an 80% LTV 3 year fixed rate at 3% (APRC 4.10%) and a 4.5% current prevailing variable rate over a 30 year term. This makes Avant Money’s prevailing variable rate 1.75% cheaper over a 30 year term, making it an attractive offer for home buyers.