Before Money will raise fixed mortgage rates

Mortgage provider Avant Money has announced that it will raise mortgage interest rates from Monday August 15 after the European Central Bank’s recent rate hike.

Avant said market funding costs have risen sharply this year and with one ECB rate change already announced, more are expected.

It announced today that it will increase its three-year fixed rate product by 0.3%, so rates now start from 2.25%.

The mortgage provider’s four- and five-year fixed-rate products are up 0.5%, while its seven-year fixed-rate product will rise 0.7%.

Avant Money also offers longer term fixed rate mortgages with fixed terms up to 30 years. He said the cost of these mortgages will increase by 1%.

In today’s release, Avant said its current fixed rates will be available to customers with a “letter of offer” who take out a full mortgage draw by the close of business on Friday, September 9.

“Avant Money has grown significantly this year and remains fully committed to improving and expanding its proposition as other lenders exit the market,” it said in today’s statement.

Avant Money is owned by the Spanish banking group Bankinter and offers mortgages, personal loans and credit cards under its own brand and through An Post Money, Chill Money and other partners.

Its mortgages are available through select mortgage brokers and loans are available for first-time buyers, movers and moneychangers.

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