Avant Money launches a new mortgage today from < 2%

[Deeks1]

Just on Breakfast Business on Newstalk this morning. Fixed Rates from 1.95% and Variable from 2.5%. No further detail than that but will be announced today apparently.

 

[Brendan Burgess]

The CEO will be interviewed on Radio 1 Business - don't know what time, but it's usually about 7.50 am.

Charlie Weston has covered it in today's Indo

Home-loan price war: lowest rates in 10 years as new lender shakes up market

A new mortgage lender backed by a Spanish banking giant is set to shake up the market here with the lowest lending rates.

www.independent.ie

 

[Brendan Burgess]

Here are their fixed rates

Update: Some or most of the brokers are charging an application fee of €500. It's not clear if this is refundable if your mortgage is not approved.

It doesn't say it on its website, but you will also be able to have part of your mortgage variable
< 70% LTV : 2.5%
>70% LTV: 2.75%

Switchers, movers and first-time buyers will be able to avail of these new products exclusively through a number of Ireland’s leading mortgage brokers from today.



Mortgages will be available to all customers, subject to the normal Central Bank of Ireland lending rules on loan-to-value and loan-to-income. Appointed mortgage brokers will be ready to guide customers on the range of Avant Money products and the various lending rules that apply.

• Mortgages are available on homes that are the primary dwelling (i.e. not for investment buy-to-let properties)

 

[Brendan Burgess]

Avant is very good value at <60% LTV. Anyone who qualifies for this should consider switching to Avant.

Anyone with an LTV over 60% can get a lower effective rate through one of the cash back lenders

 

[Brendan Burgess]

I understand that Avant will be quite selective in their underwriting.

And as they say in their press release:

• Stable employment with no obvious risk to future employment prospects

They also have geographic limitations

Currently, they are Dublin county plus any town within 30km of Dublin county border, Cork city plus locations within 30km of Cork city centre, Galway city plus locations within 30km of Galway city centre, Limerick city plus locations within 20km of Limerick city centre and Waterford city plus locations within 20km of Waterford city centre.
source


Brendan

 

[SPC100]

Nice! Welcome Avant! Can you overpay any of the fixed without penalty?

 

[Brendan Burgess]

Appointed Brokers	Location	Website
Affinity Advisors	Dublin 2	affinityadv.ie/
All Financials	Dublin 5	allfinancials.ie/
Doddl	Dublin 2	doddl.ie
Dowling Financial	Dublin 3	dowlingfinancial.ie/
DSOB Financial Services	Dublin 7	None
Finance One	Dublin 2	financeone.ie/
Financial Solutions	Co. Dublin	financesolutions.ie/
First Rate Financial Planning	Dublin 15	www.firstrate.ie
Frank Lenny Financial	Dublin 2	franklenny.com/
Howth Financial Services	Co Dublin	http://www.howthfinancial.ie/ (www.howthfinancial.ie)
Irish Mortgage Brokers	Dublin 1	mortgagebrokers.ie/
Irish Mortgage Corporation	Dublin 2	irishmortgage.com/
MMPI	Dublin 4	mmpi.ie/
Mortgageline	Dublin 9
Mymortgages	Cork	mymortgages.ie/
Park Financial	Dublin 12	parkfinancial.ie/
Prendergast Maguire	Co. Wicklow	[broken link removed]
Sherry Fitzgerald Financial Services	Dublin 1	sherryfitz.ie/financial-services
Vision Financial Solutions Limited	Dublin 6	visionfinancial.ie/

 

[misemoi]

Nice! Welcome Avant! Can you overpay any of the fixed without penalty?

Also have they published their fixed rate break calculation?

 

[Brendan Burgess]

Good interview by Brian Finn with the CEO of Avant Money

1) No requirement to buy mortgage protection or insurance from Avant to get these rates. The CEO said "I don't know where that idea has come from?"
2) They have invested a lot in this project and so they want to make a big splash - they will not be cherry picking. They will not be limiting it to public servants and some professionals.

He also said something like "Ireland has the highest rates in the eurozone after Greece and Latvia. There is no reason for that."

Brendan

 

[Brendan Burgess]

Can you overpay any of the fixed without penalty?

It would be unlikely.

Brendan

 

[shweeney]

any incentives to switch (other than the rate obviously)?

 

[Donnie]

Any other t&c. I see that one needs to Also have a deposit of 40% to avail of rate as a FTB or switcher.

 

[Protocol]

1) No requirement to buy mortgage protection or insurance from Avant to get these rates. The CEO said "I don't know where that idea has come from?"

I had posted that here, based on their business model in Spain.

I wonder do RTE read AAM?

 

[Protocol]

Just two brokers outside Dublin?

 

[Brendan Burgess]

I wonder do RTE read AAM?

I am sure that they do.

But they also read emails from me suggesting what questions to ask their upcoming interviewees

Brendan

 

[Brendan Burgess]

Just two brokers outside Dublin?

They are restricting lending to Dublin, Cork and Galway.

 

[bbari1]

Any other t&c. I see that one needs to Also have a deposit of 40% to avail of rate as a FTB or switcher.

So it doesn't apply to a non FTB applicant buying a new home?

 

[Sarenco]

7-Year Fixed Rate @1.95%, with no arrangement fees.

That's a bit of game changer for low-LTV mortgages.

It's great to see some real competition at this end of the mortgage market.

 

[peemac]

I think they missed an opportunity to bring 10 year and 15 year fixed rates at 2.5% or lower. THAT would have been a game changer. 0.2% difference in what is on the market already is not much of a game changer but at least it gives a competitive offering that will keep rates down generally

 

[Brendan Burgess]

Also have a deposit of 40% to avail of rate as a FTB or switcher.

Where are you seeing that?

As far as I can see the criteria are the same for FTBs, Second Time Buyers and switchers?

Brendan