IRISH MORTGAGE CORPORATION ANNOUNCED AS ONE OF AVANT MONEY’S VERY FIRST MORTGAGE BROKERS

This month at Irish Mortgage Corporation, we have been selected by Ireland’s newest mortgage lender, Avant Money, as one of their very first mortgage brokers. 

With previous access to the seven Irish mortgage lenders, at IMC, we now have access to all eight lenders in the Irish Market, including Avant Money as the newest addition. 

Avant Money, Ireland’s newest mortgage lender have quickly announced the lowest repayment rates in the Irish mortgage market, with mortgage repayment rates as low as 1.95%. With Avant Money’s cheap product offering and interest rates, our team of experts have reported on the potential savings when buying a house throughout the nation. Our comprehensive report compares the best mortgage offers that are now available with Avant Money, with the most expensive on the market. 

The savings available for buyers on their monthly mortgage payments, as well as overall interest paid until the mortgage is paid off, are huge. As a mortgage is a long-term commitment, it is necessary to view this over the full term, as 30 years. 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. 

Avant Money Are Lending To Five Areas: 

  • 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
  • Waterford City plus locations within 20km of Waterford City Centre 
  1. Dublin Mortgage Repayment Rate Comparison 

In Dublin, the average price of a 4-bed semi is €627,945. Over the course of 30 years, with the most expensive lender, a buyer will pay back €341,294 in interest. Though if buyers now choose Avant Money as their lender, they will only pay back €227,186 in interest. Over 30 years, that is a huge saving of €114,108.

  1. Cork City Mortgage Repayment Rate Comparison 

In Cork, 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. Though 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. 

  1. Galway City Mortgage Repayment Rate Comparison 

In Galway, the average price of a 4-bed semi is €302,500. Over the course of 30 years, with the most expensive lender, a buyer will pay back €186,021 in interest. Though if buyers now choose Avant Money as their lender, they will only pay back €109,442 in interest. Over 30 years, that is a huge saving of €76,579.

  1. Limerick Mortgage Repayment Rate Comparison 

In Limerick, the average price of a 4-bed semi is €255,000. Over the course of 30 years, with the most expensive lender, a buyer will pay back €156,811 in interest. Though if buyers now choose Avant Money as their lender, they will only pay back €92,257 in interest. Over 30 years, that is a huge saving of €64,554.

  1. Waterford Mortgage Repayment Rate Comparison 

In Waterford, the average price of a 4-bed semi is €221,634. Over the course of 30 years, with the most expensive lender, a buyer will pay back €136,292 in interest. Though if buyers now choose Avant Money as their lender, they will only pay back €80,185 in interest. Over 30 years, that is a huge saving of €56,107.

Full Mortgage Comparison

Irish Mortgage Comparison Notes: 

  • The savings available on the monthly mortgage payment and overall interest paid are outlined on a county by county basis
  • A mortgage is a long-term commitment and needs to be viewed in this context, eg over the full 30 year term in this illustration
  • The best mortgage comparison measure is the APRC. See https://www.ccpc.ie/consumers/money/mortgages/mortgage-interest-rates/
  • Property price source: Property price source: Sunday Independent 30.08.20 / IPAV bi-annual Residential Property Price Barometer + Daft.ie July Housing Report