Are Avant and ICS clearly the Best Buys at all LTVs?

Brendan Burgess

Brendan Burgess

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Update: Avant has since reduced their rates, so they are clearly better value.
I no longer recommend ICS as they don't publish their rates for existing customers, which leaves you very vulnerable to exploitation of your credit record or inertia when your fixed rate expires.

Brendan

Here is a comparison of Avant and ICS which seem to be clearly the lowest rates at all LTVs

Sources Avant ICS Avant One
(Note ICS has conflicting information on its website. The above links to the latest rates as of 15th November)

Features of mortgages

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The big risk with ICS is the uncertainty about what happens when the fixed rate ends

Avant says the following on its website:

At the end of the fixed rate period you will be able to choose from our available product range at that stage with no further credit assessment required.

ICS has much higher rates for existing customers. So if you take out an ICS mortgage, you will have to switch when the fixed term is ended. But most people don't switch because they are too busy or there is some barrier to switching. And if you can't switch you will be at the mercy of ICS - they can charge you what they like. And as they don't publish rates for existing customers, you can't argue that your rate is too high.

Does ICS discriminate between new and existing customers?

I am concerned that existing loyal customers of ICS are not allowed to avail of the recent rate reductions announced. There are no rates for existing customers on their website. The Indo mentioned existing customers but it doesnt say anything about existing customers anywhere else
www.askaboutmoney.com



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With Avant you must take out a fixed rate mortgage. When the fixed rate is up, the follow-on variable rates are
<70% LTV : 2.5%
<90% LTV : 2.75%

Of course, these rates will have changed by the time your fixed rate term is up.

ICS offers a variable rate mortgage from the start
<70% LTV : 2.45%
<90% LTV : 2.7%
 
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Folks, this is a factual thread.

I want to identify the best value mortgages.

I don't want a debate on which one someone should go for or the outlook for mortgage rates generally.

Thanks

Brendan
 
It's a niche case, but BoI Green Mortgage (not available to existing customers) gives a 0.30% discount to any fixed rate. Combine it with the High Value Mortgage (>€300,000) 4 year fixed rate of 2.30% across all LTVs, then you can get 2.0% @80% LTV (and theoretically @ 90%?).
 
time to plan said:
It's a niche case, but BoI Green Mortgage (not available to existing customers) gives a 0.30% discount to any fixed rate. Combine it with the High Value Mortgage (>€300,000) 4 year fixed rate of 2.30% across all LTVs, then you can get 2.0% @80% LTV (and theoretically @ 90%?).
Click to expand...
This is correct. I rang BOI today to discuss.
 
time to plan said:
It's a niche case, but BoI Green Mortgage (not available to existing customers) gives a 0.30% discount to any fixed rate. Combine it with the High Value Mortgage (>€300,000) 4 year fixed rate of 2.30% across all LTVs, then you can get 2.0% @80% LTV (and theoretically @ 90%?).
Click to expand...
I assume there's no cash back with this?
 
Coldwarrior said:
I assume there's no cash back with this?
Click to expand...
With BOI there's no cashback for the HVM (High Value Mortgage). So the 4 year fixed rate for HVM is 2.30% and if you have a house whose BER is B3 or better, then you get a 0.30% reduction, so the 4 year fixed rate is instead 2.00%.

There is cashback if you opt not for the HVM or if you don't qualify for the high value mortgage. So the 1 year fixed rate is 2.90% then if your house has a BER of B3 or higher, then you get a 0.30% reduction, so the 1 year fixed rate is instead 2.60%.
 
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