Avant Money have some of the best range of rates on the market. In our Avant Mortgage Ultimate Review – Ireland 2023 we will give you the inside track on an Avant mortgage and what other options are available.
As someone who used to lead the mortgage product team in PTSB I’ve kept a close eye on Avant Money’s entry into the mortgage market.
As a new entrant, unlike the Irish banks they aren’t weighed down by the costs of the tracker mortgages offered in the boom, this has allowed Avant Money to undercut the Irish banks and offer longer term mortgages.
- Avant Money’s Short and Medium term fixed rate Avant mortgage products are some of the best in the market winning out on a combination of rate, repayment security, ease and speed of approval.
- Avant Money’s Long term Avant mortgage fixed rates from 15 years+ are the best in the market by some distance and they are the only provider with a 25 or 30 year fixed rate.
Check out our latest best buy table below.
|Rank||Mortgage Product||Rate Value||Repayment Security||Ease of Approval||Approval Speed||Overall Rating|
|#1.||Avant Money Mortgage 10-30 Yr Fixed||4.25||5.0||4.0||5.0||4.58|
|#2.||Avant Money Mortgage 7 Yr Fixed||4.25||3.5||4.0||5.0||4.13|
|#3.||Haven Mortgage 10 Yr Fixed||3.5||4.0||3.5||5.0||3.95|
|#4.||Avant Money Mortgage 5 Yr Fixed||4.5||2.5||4.0||5.0||3.90|
|#5.||Haven Mortgage 7 Yr Fixed||4.0||3.5||3.5||3.0||3.55|
Rating Weighting: Rate 30%, Security 30%, Approval 20%, Speed 20%, updated 26/09/2023
The only real drawback with an Avant mortgage is that they are quite picky on who they loan to and what for. They don’t offer self build Avant mortgages for example. So if you are looking to build your forever home outside of a town or in a small village they aren’t an option.
They also have a tighter credit policy than most lenders.
Read on to find out if a Avant Money mortgage makes sense for you and the other options for a great rate and easy approval.
Avant Money Mortgage Rate and Product Overview – Avant Mortgage Review Ireland 2023
Avant Money Mortgage Approval Types
Avant Money are selective about what they lend.
- They offer residential Avant mortgages of more than €100,000 only, including first time buyers, home movers and switchers.
- They do not offer investment, buy to let or staged payment self build Avant mortgages.
They will do a top up Avant mortgage for home improvements as well, but that is pretty much it.
Avant Money Mortgage Approval Credit Policy
Avant also have a reputation for being the most picky with their credit policy. This means if you have a checkered credit history they probably aren’t the best fit, with ICS Mortgages or Finance Ireland being better bets.
Plus they look for evidence that the home owner has saved the deposit themselves rather than getting their entire deposit from the bank of mum & dad. This means the amount of deposit secured by ‘gifting’ is limited which is not the case with some other lenders.
Avant Money Mortgage Availability
So here’s the rub, Avant mortgages lead the market on rate, but they aren’t available to everyone or for every type of mortgage.
In the early days Avant Money mortgages were limited to only the bigger cities, but the good news is an Avant mortgage is now available to most homes in Ireland. Only rural locations are likely to be excluded.
Avant mortgages aren’t available directly from Avant Money, they are exclusively available through just 54 mortgage brokers across the country, the good news is that includes our own mortgage team here at moneysherpa.
Getting a mortgage via a broker makes a lot of sense and is usually free.
- They will match you to the right lender for your needs
- Compare different rates and find you the best one
- Help you complete your application
Make sure you use a broker who has all the lenders available though, so you get the best mortgage.
Avant Money Mortgage Rate
Avant Money offer two types of fixed avant mortgage rates. Short/Medium term fixed rates and Long term fixed rates the ‘One Mortgage’
In the short term fixed rate mortgage comparison table below Avant Money mortgages perform really well, winning out on all rates.
|Short Term Fixed Rate LTV 60%||Fixed Rate||Fixed APRC|
|Short Term Fixed Rate LTV 70%||Fixed Rate||Fixed APRC|
|Short Term Fixed Rate LTV 80%||Fixed Rate||Fixed APRC|
|Short Term Fixed Rate LTV 90%||Fixed Rate||Fixed APRC|
Annual Percentage Rate Charge (APRC) represents the average rate across the lifetime of a typical mortgage and is recommended as the best rate to use for comparisons by the CCPC.  You can check out the APRC of all the mortgages currently on the market using our comparison tool here.
The APRC and the interest you will pay over the lifetime of the mortgage is often driven by the rate you pay after the introductory rates above, called the ‘follow on’ rate. Avant Money mortgages come out on top here as well as shown in our table below.
|Follow on Variable Rate||Avant Money||ICS Mortgages||Finance Ireland||Haven Mortgages||AIB Mortgage||MoCo||EBS Mortgage||Permanent TSB||Bank of Ireland|
|Up to 50% LTV||3.75%||6.20%||6.40%||3.75%||3.75%||5.20%||4.15%||4.40%||4.15%|
|Up to 60% LTV||3.75%||5.95%||6.20%||3.95%||3.95%||5.20%||4.15%||4.50%||4.15%|
|Up to 70% LTV||3.75%||6.95%||6.20%||3.95%||3.95%||5.20%||4.15%||4.50%||4.45%|
|Up to 80% LTV||3.95%||6.20%||6.20%||4.15%||3.95%||5.20%||4.15%||4.70%||4.45%|
|Up to 90% LTV||3.95%||6.20%||5.15%||4.15%||4.15%||5.20%||4.15%||4.70%||4.75%|
It’s in the long term fixed rates of 15 years + shown below, where Avant Money mortgages really break from the pack. Their ‘One Mortgage’ has a clear edge on rate across all these products on it’s nearest competitor Finance Ireland, beating their offering on all the rates below.
|Fixed Term Rates 15-30 Years||Rate||APRC|
Avant Money are the only provider offering the very longest fixed terms up to 30 years. These mortgages are very common in continental Europe and extremely attractive if you want absolute certainty about how much you will pay for the whole length of your mortgage term.
Both Avant Money and Finance Ireland have introduced flexibility features allowing overpayments, capping exit fees and allowing home moving. These features have made this product a real option for many for the first time.
Pro’s & Con’s – Avant Mortgage Review Ireland 2023
- Best rates on the market for fixed rates (3-30 years)
- Only provider offering up to 30 year fixed rates allowing ‘lock in’ of current low rates.
- Limited availability across regions (excludes rural locations) and mortgage types
- Tighter credit policy, reducing approval likelihood for some
Recommendation – Avant Mortgage Review Ireland 2023
So what’s our Avant Mortgage Review Ireland 2023 recommendation? This one is a no brainer, if you are looking for a medium or long term fixed mortgage and meet the eligibility rules an Avant Money mortgage is the one for you. You check out if you can get an Avant Money mortgage here.
If your credit history isn’t squeaky clean or you fall outside Avant Money’s tight eligibility rules then Haven are probably are the next best thing.
Alternatives – Avant Mortgages Review Ireland 2023
|Fixed Term APRC||Avant Money||MoCo||Haven Mortgages||AIB Mortgage||EBS Mortgage||Permanent TSB||Bank of Ireland||ICS Mortgages||Finance Ireland||Bank of Ireland (Re-fixing)|
In a Nutshell – Avant Mortgage Review Ireland 2023
The Avant Money mortgages offer the best combination of rates and approval flexibility for most people looking for a mortgage.
Rates with these lenders are typically 30% lower than the banks as they aren’t carrying the cost of supporting tracker mortgage customers.
An Avant Money mortgage currently leads the pack, offering the best overall package of rates in the market. If you can get an Avant Money mortgage, you should.
Avant Mortgages are available through brokers or through one our mortgage sherpas.
Next Steps – Avant Mortgage Review Ireland 2023
So that’s our Avant Money Mortgage Review Ireland 2023. If you want to see what you could save by calculating your repayments and see all mortgage provider rates you can click here.
If you want to know more about switching you can click here. Or you can check out our handy switching mortgage guide here and our remortgaging guide here. If you still have questions check out our switching Q&A here.
If you want to get your savings started right now, set up a free no obligation video call with a mortgage sherpa here, covering not only the best rate, but also helping choose the lender most likely to approve you and helping take the pain out of the paperwork.
Frequently Asked Questions – Avant Mortgages
Who are Avant Money?
Avant Money used to be known as Avant Card and provide Mortgages, Consumer Loans and Credit Cards. They are regulated by the Central Bank of Ireland.
Who owns Avant Money?
Avant Money are owned by Bank Inter one of Spain’s biggest banks.
Avant Money how long does it take for Approval?
Generally Avant are one of the fastest approvals on the market, at around 3 months for switching and 6 months for new home purchase.
Will Avant Money Raise Interest Rates?
As ECB rates rise, Avant Money are also likely to raise rates, however as they are also funded by funds secured by depositors in their Spanish owner Bankinter these are likely to be smaller increases than some rival lenders
How do I switch my mortgage to Avant Money?
Just get in touch with one of the 54 brokers who work with Avant Money and they will do the rest. This includes moneysherpa, voted the No 1 broker in Ireland by bestinireland.com
How much can I borrow with Avant Money?
You can borrow up to 4 times your gross income if you are a First Time buyer or 3.5 times if you are a Second Time buyer. The exact amount will depend on your net disposable income. You can use an approval calculator to get a more accurate picture of this.