Brian Lande, Head of Mortgages for Avant Money
Updated / Thursday, 2 Dec 2021 07:57
Avant Money to cut mortgage interest rates
Mortgage lender Avant Money has said it will cut a number of its mortgage interest rates from 9 December.
It said fixed rates will be reduced by up to 0.30%, with lower follow-on variable rates starting from 2.0%.
The company said it believes the new rates will appeal to first time buyers, who typically require a higher loan to value mortgage.
Avant Money is offering a 3-year fixed rate of 2.20% at 90% loan to value.
Combined with a lower follow-on variable rate, it said customers will benefit from lower monthly repayments and save thousands over the life of their mortgage.
“Avant Money entered the mortgage market with a mission to bring lower mortgage interest rates, innovative new products and long-term value giving real savings over the life of a mortgage,” said Brian Lande, Head of Mortgages for Avant Money.
“I am delighted that these latest rate reductions mean we now offer even better value mortgages to our customers,” he added.
According to Avant Money, customers looking to switch mortgage provider could save thousands.
“For example, switchers needing a mortgage of €250,000 over 20 years with a 70% loan to value could save up to €56,070 over the life of their mortgage with the new lower 3-year fixed rate,” it said in a statement.
Avant Money has also announced that it is extending its lending locations to include all counties – by expanding its network of preferred brokers.
Today’s announcement follows news yesterday by Finance Ireland that it has reduced its long-term fixed mortgage interest rates.
“The decision by both Finance Ireland and Avant Money to make new mortgage product announcements is excellent news for mortgage customers and further increases competition in the Irish mortgage market,” said Trevor Grant, Chairperson of Association of Irish Mortgage Advisors.
“Non-bank lenders have both reduced their interest rates and introduced other new product innovations.
“This is on the back of significant product advancement earlier in the year which saw them both introduce long term fixed rates with overpayment options and the ability to move the mortgage to another property in the future,” he added.
Mr Grant said both lenders operate exclusively via mortgage brokers who now account for 41% of the mortgage market and the share is increasing.
Whether you are a first time buyer, moving home, looking to switch lender , investing in a buy-to-let property or should you have any questions on the issues raised in this article, why not chat to a Seaspray mortgage adviser today about finding the mortgage that’s right for you:
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This article has been taken from RTE Business website, December 2nd, 2021. :https://www.rte.ie/news/business/2021/1202/1264376-avant-money-to-cut-mortgage-interest-rates/