The last time mortgage rates were below 3% in Ireland was in November 2022. Avant Money has now crossed that threshold again with their new Flex variable mortgage rate.
What Is the Avant Flex Rate?
Avant's Flex mortgage is a market-leading variable rate product. The rate is linked to the 12-month Euribor — calculated at the start of your mortgage and adjusted annually based on the then-current 12-month Euribor.
This makes it significantly lower than the average variable rate of 4% currently on the market, which are not linked to the European benchmark rate.
Why This Matters for Borrowers
Since late 2022, rates had risen sharply to curb inflation driven by Covid-era supply chain disruptions. Now, as the ECB continues its easing cycle, competitive lenders like Avant are passing on the benefit.
An added benefit of variable rates like the Flex product is the ability to make unlimited overpayments — ideal for those with savings earning minimal interest.
Should You Switch to a Variable Rate?
Variable rates carry some uncertainty — they move with Euribor. However, for borrowers who:
- Want flexibility to overpay without penalty
- Believe rates will continue falling
- Have shorter remaining mortgage terms
...the Flex rate at 2.98% offers compelling value versus fixed alternatives.
What About Tracker Mortgages?
Tracker mortgages also track the ECB rate, but they typically come with a fixed margin above it. The Avant Flex rate currently undercuts most trackers at today's ECB levels.
How to Switch
Switching your mortgage to Avant takes approximately 6–8 weeks. You'll need:
- 6 months of bank statements
- 3 months of payslips
- Your current mortgage statement
- Proof of property valuation
Our advisors can manage the entire process on your behalf, often at no cost to you.
Talk to one of our advisors to see if switching to the Avant Flex rate makes sense for your situation.
