Avant Money, a mortgage lender in Ireland

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The mortgage market in Ireland has been changing vastly over the past few years. Brokerage firms in Ireland have been working hand in hand with banks to help people secure mortgages, and more lenders are entering into this field as well. I will discuss the finance company called Avant Money, and the presence they now have in Ireland.

Avant Money was formerly known as Avant Card, and the company was based in Carrick-on-Shannon, which is a town in Ireland. They also have another office located in Dublin as well. The company is owned by a Bankinter, which is a Spanish banking group. They have provided financial products to Irish consumers for over twenty years. Avant Money was created from the US credit company known as MBNA, who in turn employed over 1000 people. The company entered into the Irish mortgage market in 2020, after announcing it to the public shortly before.

Avant Money offers  Irish clienfixed rate mortgages tots starting at 1.95 percent, which is an incredibly low mortgage rate. They also offer new three, five, and seven-year mortgages. Mortgages are available to many customers but are subject to the Central Bank’s lending rules. The Irish Central bank requires that loan-to-value and loan-to-income are satisfied for clients to lend. Avant uses brokers like Yes.ie to consolidate their business.

Allied Irish Banks introduced new mortgages at 2.25 percent in response to Avant Money entering the marketplace. Customers with AIB would save forty-one Euros on monthly repayments if they switch to this new five-year fixed rate. The valuation concerns a 25-year mortgage, which is based on the property value at €350,000. Customers with the standard variable rate will save eighty-nine Euros if they switch to the new 3-year model.

Retail Interest rate statistics from the Central Bank show the weighted average on mortgage rates rose 3 basis points in July alone. The average rate on fixed agreements fell 1 basis point, which notched it down to a series low. Fixed-Rate businesses accounted for 76 percent of all new agreements in the 3 months leading up to July. The amount of new mortgages was around 556 million Euros in value.

Many officials in Ireland have said that Avant Money’s entry into the Irish market is good for Irish mortgage holders. It will be interesting to see how Avant money expands, and how they change the Irish economy. It will be interesting how they are affected by the pandemic vaccinations. I personally think all Irish citizens in need of mortgages should be aware of these changes in the mortgage market.