Article: TheTimes.co.uk
New lenders are offering lengthy loans at very low rates, but you could also save thousands by switching your existing deal.
Mortgage holders can expand their long-term horizons by fixing their home loans for up to 30 years at the market upstarts Avant and Finance Ireland
Mark and Anne had 15 years left on their mortgage, with a balance of €260,000 at a variable rate of 3.8 per cent. With the outstanding loan equivalent to less than 60 per cent of the value of their property they decided to see if they could do better, and subsequently settled on a ten-year fixed-rate mortgage from Avant.
Their new rate is 2.1 per cent, yet the reduced term means that their monthly repayments have gone from €1,897 to €2,404. “We were able to commit to making these higher monthly repayments, and we know that the rate will not increase in the next ten years,” says Anne, 45, adding that it was always their aim to clear their mortgage by the time the couple
