MORTGAGE COMPETITION: New lender ‘Avant Money’ enters Cork market

18 September 2020
By Mary Bermingham
mary@TheCork.ie

Business & Finance News

Avant Money Are Lending To The Following Areas:

  • Cork City plus locations within 30km of Cork City Centre
  • Dublin County plus any town within 30km of Dublin County Border
  • Galway City plus locations within 30km of Galway City Centre
  • Limerick City plus locations within 20km of Limerick City Centre
  • Waterford City plus locations within 20km of Waterford City Centre

Ireland’s has a mortgage lender called ‘Avant Money’. Today the brand has announced that their new mortgage repayment rates are “lower than those of all other lenders in the Irish market, starting as low as 1.95%”.

Irish Mortgage Corporation (IMC) has been selected by Avant Money as one of their first mortgage brokers.

In Cork City, the average price of a 4-bed semi is €358,750. Over the course of 30 years, with the most expensive lender, a buyer will pay back €220,611 in interest. However, if buyers now choose Avant Money as their lender, they will only pay back €129,793 in interest. Over 30 years, that is a huge saving of €90,818.

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.

 

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