In December 2023, Avant Money announced that they are introducing a more simplified switching process and a switching incentive for customers. Research conducted by Avant Money indicates that there could be over €25 billion of mortgages on interest rates that are higher than prevailing fixed rates. This means that there’s an opportunity for mortgage holders on variable rates; those with fixed rates expiring in 2024; and customers on tracker mortgages to switch their mortgage to a different lender for a better rate than they are currently on, thereby reducing their monthly repayments and the total cost of credit throughout the life of the mortgage.

Simpler Switching

Avant Money has shown a commitment to simplifying the mortgage switching journey. The lender has streamlined the process by significantly reducing the required documentation. Notably, salary certificates, mortgage statements, credit card statements, and savings statements are no longer mandatory, unless under exceptional circumstances. This reduction in paperwork ensures a smoother transition for borrowers looking to secure a better rate by switching to Avant Money.

Switching Incentive

As part of their commitment to supporting customers, Avant Money is offering an attractive incentive of €2,000. The incentive is only available subject to the following criteria:

·         You should be switching your mortgage from another lender to Avant Money.

·         The incentive is only available in respect of the Avant Money One Mortgage Product or Fixed Term Rate products (3, 4, 5, 7 or 10 year fixed).

·         The first drawdown on the mortgage must be completed on or after 2 January 2024 and no later than 15 March 2024.

·         The mortgage you are switching to must be at least €100,000.

If you are eligible to receive the €2,000 incentive, you will receive the incentive within 2 months after drawdown of your funds and you can use it to cover the costs associated with switching your mortgage.

Why Switch?

For many mortgage holders, switching their mortgage generally results in significant savings, and switching to Avant Money is no different. In fact, it presents an opportunity for substantial household savings.

Take, for example, a mortgage holder with a typical €300,000 mortgage over 25 years, currently paying a standard variable rate of 4.7%. By making the switch to the 3-year fixed mortgage offering a rate of 3.90%, they could save €134 per month, which amounts to a yearly saving of €1,616 per year, and a total saving of €35,468 over the remaining mortgage term.

A mortgage holder with a €350,000 mortgage over a 30-year term, currently paying a variable rate of 6.95%, who switches to the Avant Money One Mortgage offering a rate of 4.05% could save €635 per month, €7,629 per year and a total of €228,873 over the remaining term of your mortgage. 

Your mortgage repayments constitute a significant portion of your monthly budget. Ensuring that you are on the best available rate is crucial for optimising your financial resources. Avant Money’s simplified switching process, combined with the enticing €2,000 incentive, provides a compelling opportunity for you to explore potential savings. If you are ready to take advantage of this offer and secure a better rate, contact us today.