Avant Money takes on rivals by cutting some mortgage rates by up to 0.35 percentage points

"Avant Money, which is owned by Spain's Bankinter and has a banking licence in this country, is cutting its fixed rates by up to 0.35 of a percentage point. It also said it will double its cash back to borrowers to 2pc of the mortgage value. The changes take effect for new mortgage drawdowns from Monday, January 19. Avant Money has also launched a high-value mortgage for loans over €300,000 with fixed rates starting from 3.20pc for loan-to-values of less than 60pc."

"Head of mortgages at Avant Money Brian Lande said the new high-value mortgage will be available for all properties and is not restricted to higher Building Energy Ratings (BER) ratings. "Repayments on a mortgage of €500,000 with less than 60pc loan-to-value over 30 years at 3.20pc will now be €660 lower per year compared to the existing four-year fixed rate," he said. "Alternatively, choosing a cashback-eligible product would offer cashback of €10,000.""

"The rate-cut move comes despite non-bank lenders ICS Mortgages and Spy Finance, which targets equity release products at older homeowners, raising their rates this week. ICS Mortgages said it is raising fixed home loan rates by as much as 0.45 of percentage point. Spry Finance, the trading name of Seniors Money, is raising its rates by 0.25 of a percentage point. Experts said these non-bank lenders do not have access to cheap funding in the form of customer deposits to finance their mortgage lending, unlike AIB, Bank of Ireland, PTSB, Avant Money, and MoCo."

Avant Money, owned by Spain's Bankinter with a domestic banking licence, is reducing fixed mortgage rates by up to 0.35 percentage points and doubling cashback to 2% of mortgage value for new drawdowns from January 19. A new high-value mortgage for loans over €300,000 offers fixed rates from 3.20% for loan-to-values below 60% and is available for all properties regardless of Building Energy Ratings. A €500,000 mortgage at 3.20% with less than 60% LTV over 30 years reduces annual repayments by €660 or could provide €10,000 cashback. Other non-bank lenders have recently raised rates amid higher wholesale funding costs.

Read at Irish Independent