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Avant Money Launches One Mortgage

June 18, 2021

Avant Money introduces innovative ‘One Mortgage’ with interest rates fixed for up to 30 years,

A market first from Avant Money, offering customers fixed repayments for the full term of their mortgage.

Complete peace of mind, protecting customers from any future market interest rate increases.

Flexible options should customers wish to overpay, redeem early, or move home.

The lowest fixed rates available, undercutting all comparable competitor offers.

The One Mortgage offers a compelling mix of certainty and flexibility:

  • Certainty – one fixed interest rate and one fixed monthly repayment for the life of the mortgage.
  • Flexibility – new additional benefits that provide customers the flexibility to adapt to their changing circumstances over time; with a new 10% annual overpayment limit and capped early redemption fees of 2%, which reduces further to 1.5% after year 10, as well as flexible options if moving home.

From 25 June first-time buyers, home movers and switchers in Ireland will have access to long-term fixed rate periods, up to 30-year fixed.

The product range called ‘One Mortgage’ includes a range of flexible options including overpayment, capped break penalties and exit options with early repayment charge penalties waived for home movers if the new mortgage is taken with Avant Money.

Avant have today introduced rates of up to 30 years fixed and tiered by loan to value. Avant Money’s 30 year fixed rate mortgages start at 2.24%.

The rates are available for all loan to values up to 90% finance but as is standard in the Irish market the lower the loan to value the lower the rate.

The long-term fixed rate mortgage model is new to Ireland, but commonplace in countries such as the US, Spain, Denmark and France. Such long term fixed rates were introduced in the UK earlier this year also.

Over 80% of new mortgages in Ireland are on fixed rate terms. The most popular rates for borrowers tend to be 2 to 5 year fixed rate terms. Borrowers have so far taken little interest in existing long-term fixed rate mortgages and it remains to be seen whether the more attractive pricing and flexible options launched today by Avant will prove popular.

We welcome the introduction of Avant Money’s new long term fixed rates, the launch boosts product choice for consumers and the long-term fixed rate model may prove attractive to consumers seeking certainty and protection against interest rate rises.

Avant Money new mortgage products and lowest market rates are available only via select mortgage brokers highlighting the importance of seeking market based advice from a mortgage specialist.

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