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Irish Times
3 days ago
- Business
- Irish Times
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.
RTÉ News
3 days ago
- Business
- RTÉ News
Avant Money cuts its Flex Mortgage rate below 3%
Avant Money has announced interest rate reductions on its new Flex Mortgage product, with rates now starting from just 2.98%. The company said this reflects the continued fall in the 12-month Euribor rate, the European benchmark on which the Flex Mortgage is based and is the first time mortgage rates have fallen under 3% since 2022. Introduced in March, Avant Money said its Flex Mortgage rate is now 0.77% lower than the next best available variable rate from other lenders. This equates to a minimum saving of €122.87 per month on the typical mortgage of €300,000 at <80% loan to value and 25 years remaining. With Flex Mortgage rates changing monthly, these new rates are effective from drawdowns on the Flex Mortgage product from 10th June 2025. Brian Lande, Head of Mortgages, at Avant Money, described the product as a game changer for Irish borrowers. "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. 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."
