To switch or not to switch – if you’re paying more than 3% interest on your current mortgage, then there really is no other answer than to switch!

Hennelly Finance is delighted to now be among an exclusive network of advisors offering access to one of the lowest interest rates available in Ireland.

Avant Money entered the Irish market in September 2020. It is a consumer finance company based in Leitrim, owned by the Spanish banking group Bankinter and regulated and authorised by the Central Bank of Ireland.

Ireland has one of the highest mortgage lending rates in Europe, so Avant Money’s low interest rates have been a welcome breath of fresh air for home buyers and switchers alike.

Competitive fixed term rates from Avant Money

With rates starting at 1.95% APRC (Annual Percentage Rate of Charge) for a three year fixed term rate, Avant Money is definitely one of the most competitive providers in the Irish mortgage market.

The lender offers three, five, seven and ten year fixed term rates that can be easily compared with other lenders’ offerings by using the APRC. This includes the total cost of your mortgage including establishment fees and the interest rate.

Your Loan to Value (LTV) ratio will essentially determine the mortgage interest rate you are offered by Avant Money. A general rule of thumb is that the less you want to borrow (or the smaller your LTV is), the lower your interest rate will be.

Avant Money now also offers homeowners peace-of-mind with a long-term fixed rate product starting from 2.25%. The rate can be fixed for a term between 15 and 30 years, providing mortgage holders with absolute security for their entire mortgage term. The mortgage also enables homeowners to move house without a penalty.

How much can you save?

Honestly? Quite a lot!

Let’s run the numbers to see how much a homeowner could save.

Suppose your mortgage of €300,000 at a variable rate of 2.90%, has 20 years remaining. You would be paying €1648.82 per month in mortgage repayments.

If you switched your mortgage lender to Avant Money on a five-year fixed rate of 1.95%, your mortgage payment would reduce to €1510.56 per month. This is a saving of €138.26 pm or €33,182.40 over the course of the mortgage.

Alternatively, you could opt to keep paying your current repayment of €1648.82 per month, and save €6,554 in interest and reduce your mortgage term by 2 years and one month.

This equates to literally thousands of euro in savings.

What would you do with those savings? Plan a holiday abroad? Help your children go to college? Or channel the extra funds into your pension to make sure you enjoy a comfortable retirement?

It is easy to switch your mortgage

While it might seem like a hassle to switch your mortgage, it is actually quite a straightforward process. Plus, when you consider that you could save thousands of euro over the life of your loan, a little paperwork is a small price to pay!

The Hennelly Finance team can take care of much of the paperwork for your mortgage, while your solicitor will manage the legal requirements, such as removing your current lender from the deeds and replacing it with your new lender.

Your solicitor will also facilitate the drawdown of funds. You will also need to source an up-to-date valuation that provides an accurate value of your property in the current market.

If you are thinking of switching your mortgage, book a personal mortgage consultation with an expert from our team now.

It is important to speak to an advisor that can take your entire financial picture into account, and help you select a mortgage product that suits the vision you have for your lifestyle and financial future.

The Hennelly Finance team has more than 20 years’ experience providing clients in the west with personal financial advice tailored to their specific circumstances.

Get in touch with us today on 091 670 123 or email us at [email protected] to find out how you could save on your mortgage.