Avant has reduced its Flex variable mortgage rate to 2.98%, bringing it below the 3% threshold
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The last time mortgage rates were below 3% in Ireland was in November 2022.
Since then, rates have risen to curb inflation driven by the Covid-era supply chain disruptions and resulting price increases.
Avant's new flex mortgage is a market leading variable rate product. The rate is linked to the 12-month Euribor. It is calculated at the start of your mortgage and will remain on this rate for 12 months after which it is adjusted annually based on the then current 12-month Euribor.
The rate is significantly lower than the average variable rate of 4% currently on the market, which are not linked to the European benchmark rate.
An added benefit of variable rates is the ability to make unlimited overpayments – ideal for those with savings earning minimal interest.