Avant Money cuts interest rate to below 3% ahead of expected ECB cut
Avant Money
has cut its mortgage rates to below 3 per cent, ahead of an expected reduction by the
European Central Bank
.
The lender said interest rates on its new Flex Mortgage product will now start from 2.98 per cent, due to the continued fall in the 12-month Euribor rate.
Avant Money introduced the Flex Mortgage in March, linking its interest rate to the 12-month Euribor. The rates are automatically adjusted annually.
Avant Money's head of mortgages Brian Lande said the company's Flex Mortgage was a 'game-changer' for borrowers.
READ MORE
'By aligning with the 12-month Euribor, it offers a level of transparency and responsiveness you won't find in traditional variable rate products here in Ireland,' he said. 'Customers benefit from a clear link to European market rates, with annual rate updates they can plan for, and the freedom to manage their mortgage on their own terms. This is another step in our mission to give people in Ireland more control, more clarity and more choice when it comes to their home loan.'
The new rate will be effective from drawdowns on the Flex Mortgage product from June 10th.
The ECB is expected to expected to cut interest rates by a further quarter point today as inflation continues to cool and amid a slowdown in global trade from US tariffs.
Avant Money, led by chief executive Niall Corbett, officially became a branch of Bankinter at the start of April. It plans to initially focus on expanding its product range this year to deposits.
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