Avant Money, who used to be known as Avant Card, have the best range of rates on the market and are owned by Bankinter one of Spain’s largest banks. In our Avant Money Mortgages Ultimate Review – Ireland 2021 we will give you the inside track on a Avant Money 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 them to undercut the Irish banks and offer some of the very best rates on the market.
- Avant Money’s Short and Medium term fixed rate products are the best in the market matching the broker only lender ICS Mortgages and under cutting all the Irish banks by some margin.
- Avant Money’s Long term fixed rates from 15 years + are the clear market leader, beating their nearest rivals Finance Ireland on rate and they are the only provider with a 25 or 30 year fixed rate.
If you want a variable rate ICS Mortgages are a better option than Avant Money, but as we would recommend a fixed product for most getting a mortgage that’s probably not a consideration.
The only real drawback with Avant Money is that they are quite picky on who they loan to and what for. They don’t offer mortgages outside of the main urban centres or self build mortgages. So if you are looking to buy or build a 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 and don’t do loans more than 3.5 your income. Most other lenders will offer these loans know as ‘exceptions’.
The key takeaway is that if you can get a mortgage from Avant Money it is probably your best option. You can see how an Avant Money mortgage repayment compare to the others in the market for your mortgage here.
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 Money Mortgages Review Ireland 2021
Avant Money Mortgage Availability
So here’s the rub, Avant Money mortgages lead the market on rate, but they aren’t available to everyone or for every type of mortgage.
Avant Money mortgages are only available in 71% of homes in Ireland
- Dublin, Cork, Galway, Limerick and Waterford and the commuter belts around those cities (within about 30Km).
- Athlone, Carlow Town, Dundalk, Kilkenny City, Portlaoise and Wexford Town.
So if you are looking to build in Portarlington or outside of Carlow Town for example they won’t be an option.
Avant Money Mortgage Approval Types
As well as limits on where they lend, Avant Money are also selective about what they lend.
- They offer residential 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 mortgages.
They will do top up mortgages for home improvements as well, but that is pretty much it.
Avant Money Mortgage Approval Credit Policy
They 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.
As part of this tighter approach they do not allow you to borrow more than 3.5 times your income, which other lenders do. These mortgages are known as ‘exceptions’ as they are exceptions to the Central Bank lending limits.
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 Rate
Avant Money offer two types of fixed mortgage rate. 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 but the 3 year rates. Even in the 3 year category even there they are only pipped at the post by ICS Mortgages.
|Short/Medium||60% LTV||70% LTV||80% LTV||90% LTV|
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 by at least 0.15%.
|Long Term||60% LTV||70% LTV||80% LTV||90% LTV|
|up to 15 Years||2.25%||2.29%||2.40%||2.44%||2.50%||2.54%||2.65%||2.70%|
|up to 20 Years||2.45%||2.49%||2.60%||2.65%||2.60%||2.65%||2.75%||2.80%|
|up to 25 Years||2.65%||2.70%||2.80%||2.85%||2.90%||2.95%||2.99%||3.05%|
|up to 30 Years||2.85%||2.90%||2.99%||3.05%||3.10%||3.16%||3.10%||3.16%|
Avant Money are the only provider offering the very longest fixed terms, 25 and 30 years mortgages. 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.
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.
Pro’s & Con’s – Avant Money Mortgages Review Ireland 2021
- Attractive short term rates 3/4 years
- Best rates on the market for medium and long term fixed rates (5-30 years)
- Only provider offering 25 and 30 year fixed rates
- Longer term products allow ‘locking in’ of current low fixed term rates
- Limited availability across regions and mortgage types
- Tighter credit policy, reducing approval likelihood for some
Recommendation – Avant Money Mortgages Review Ireland 2021
This one is a no brainer, if you are looking for a medium or long term fixed mortgage and meet the eligibly rules an Avant Money mortgage is the one for you. You check out if you can get an Avant Money mortgage here.
If you are looking for a 3 year fixed or a variable rate option then ICS Mortgages are another option worth considering.
If your credit history isn’t squeaky clean or you fall outside Avant Money’s tight eligibility rules then ICS and Finance Ireland are the next best thing.
Alternatives – Avant Money Mortgages Review Ireland 2021
- Rates from 2.29% APRC
- Fixed for 3-30 Years
- Tight approval policy
- Rates from 2.29% APRC
- Fixed for 3-7 Years
- Flexible approval policy
- Rates from 2.53% APRC
- Fixed for 3-25 Years
- Flexible approval policy
In a Nutshell – Avant Money Mortgages Review Ireland 2021
The non bank lenders Avant Money, ICS Mortgages and Finance Ireland 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.
Of the non bank lenders Avant Money currently lead the pack, offering the best overall package of rates in the market. If you can get an Avant Money mortgage, you should.
Avant Money, ICS Mortgages and Finance Ireland are available through brokers or through one our mortgage sherpas.
Next Steps – Avant Money Mortgages Review Ireland 2021
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 long term fixed rate mortgages you can read our article here.
You can read our founder’s latest piece for extra.ie on the big mortgage switch and how much you will save here.
You can read our handy switching mortgage guide here.
If you want to get your savings started right now, set up a free no obligation video call with a mortgage sherpa here.