Avant Money to pay €1,500 switching fee to Ulster and KBC customers in Q1

[SuperMario]

I have started the process of switching my mortgage. My broker has provided the attached document with the terms and conditions of the offer.

As Paul mentions above I am very surprised Avant aren't making a big splash about this offer.

 

[sonandheir]

I have started the process of switching my mortgage. My broker has provided the attached document with the terms and conditions of the offer.

As Paul mentions above I am very surprised Avant aren't making a big splash about this offer.

Thanks for that Supermario.

Which broker are you using? The only one I know of that offers this FirstRate mentioned earlier in this thread.

Is there a cost to you for using a broker(never used one before).

 

[Protocol]

Some Avant brokers charge fees, some don't.

Fees I have seen are 250 or 500.

First Rate don't charge any fees in this offer.

(of course, they get paid commission by Avant)

 

[Homepayer]

Doddl brokers do not charge a fee.

 

[DublinHead54]

I am using Doddl (not UB or KBC customer), but its an excellent service and platform.

 

[scatriona]

I'm with KBC on a fixed rate of 3.8% till mid 2023 but I'm considering this switch. The break fee quoted to me today was 1990 euro. Is it worth it for me?
Do I have to have a certain LTV to be eligible? and would the lower rates & cashback on offer make it worthwhile over long-term? (I've about 19yrs of mortgage left to Go!!)
Thanks!

 

[Paul F]

I'm with KBC on a fixed rate of 3.8% till mid 2023 but I'm considering this switch. The break fee quoted to me today was 1990 euro. Is it worth it for me?
Do I have to have a certain LTV to be eligible? and would the lower rates & cashback on offer make it worthwhile over long-term? (I've about 19yrs of mortgage left to Go!!)
Thanks!

What is the outstanding balance on your mortgage? What is your property worth? When did you fix with KBC (month and year)?

 

[scatriona]

What is the outstanding balance on your mortgage? What is your property worth? When did you fix with KBC (month and year)?

Hi Paul

Mortgage Balance is 180k
Place currently worth 220-225k...
July 2023 is when the 5 yr fixed rate is up.

I read in pdf above that Avant require 80% LTV which I just about might have.

Thx, Scat

 

[Paul F]

@scatriona Are you sure your rate is 3.8%? It seems very high for 2018.

 

[scatriona]

@scatriona Are you sure your rate is 3.8%? It seems very high for 2018.

Yes, definitely 3.8 unfortunately

 

[Protocol]

Hi Paul

Mortgage Balance is 180k
Place currently worth 220-225k...
July 2023 is when the 5 yr fixed rate is up.

I read in pdf above that Avant require 80% LTV which I just about might have.

Thx, Scat

Avant require a max of 80% LTV, you mean?

 

[Paul F]

Mortgage Balance is 180k
Place currently worth 220-225k...
July 2023 is when the 5 yr fixed rate is up.

If you can get a valuation of €225k or above, you will be eligible for Avant's 2.15% rates, which you can fix for up to 7 years.

If you switch to that 2.15% rate, you will save €180,000*(3.8-2.15)/100 = €2,970 in interest per year.

There will be solicitors', valuation and break fees of about €(1,300 + 185 + 1,900) = €3,385 but that is a one-off cost, and Avant will pay you €1,500 to switch (provided you use a broker who is an Avant "Gold Partner").

If you get a valuation that is a little below €225k and you have some spare cash, you can overpay your KBC mortgage (probably without penalty) to bring your LTV below 80%. E.g., if you get a valuation of €220k, you will need to reduce your mortgage balance to €176k to be eligible for Avant's 2.15% rates.

 

[scatriona]

If you can get a valuation of €225k or above, you will be eligible for Avant's 2.15% rates, which you can fix for up to 7 years.

If you switch to that 2.15% rate, you will save €180,000*(3.8-2.15)/100 = €2,970 in interest per year.

There will be solicitors', valuation and break fees of about €(1,300 + 185 + 1,900) = €3,385 but that is a one-off cost, and Avant will pay you €1,500 to switch (provided you use a broker who is an Avant "Gold Partner").

If you get a valuation that is a little below €225k and you have some spare cash, you can overpay your KBC mortgage (probably without penalty) to bring your LTV below 80%. E.g., if you get a valuation of €220k, you will need to reduce your mortgage balance to €176k to be eligible for Avant's 2.15% rates.

Thanks for that Paul F, i think it's worthwhile as mortgage ends in 2043 so that's a huge saving in long-run.

 

[Lightning]

I am using Doddl ..... its an excellent service and platform.

Seconded. The Doddl.ie online platform is light years ahead of what I have seen with how documentation is managed for mortgage applications in the past. Everything is digital and documents uploaded online with Doddle.ie. Signatures are via Docusign. The staff are also quite responsive.

Interestingly Avant Money have uniquely reduced the documentation that they need for a mortgage application. They do not require savings accounts statements which is handy.

 

[sonandheir]

Seconded. The Doddl.ie online platform is light years ahead of how I have seen with how documentation managed for mortgage applications in the past. Everything is digital and online based with Doddle.ie. Signatures are via Docusign. The staff are also quite responsive.

Interestingly Avant Money have uniquely reduced the documentation that they need for a mortgage application. They do not require savings accounts statements which is handy.

Especially handy if you have no savings

 

[ryaner]

Seconded. The Doddl.ie online platform is light years ahead of how I have seen with how documentation managed for mortgage applications in the past. Everything is digital and online based with Doddle.ie. Signatures are via Docusign. The staff are also quite responsive.

Interestingly Avant Money have uniquely reduced the documentation that they need for a mortgage application. They do not require savings accounts statements which is handy.

I'm currently going through the application for Avant with Doddl and had to supply savings accounts.

I do agree that their system is really good. Went from a phone call to uploading docs for the application in less than 10 minutes.

 

[Lightning]

I'm currently going through the application for Avant with Doddl and had to supply savings accounts.

I was told by Doddl "Avant have a reduced list of documents required (only lender doing so at present)" and savings statements are "not needed unless requested". The option is still there to upload the savings statements but it is not required unless requested. Maybe this is something new.

 

[Elderflower]

Is it possible to switch from UB to Avant if you have a mortgage of 59,000?

 

[Elderflower]

When PTSB take over Ulster bank mortgage I'm aware the fixed rate will stay the same until it was originally meant to end.
But just wondering is the ability to overpay by 10% still going to be an option with PTSB?

 

[skrooge]

Is it possible to switch from UB to Avant if you have a mortgage of 59,000?

Minimum balance for cash back with Avant is €100k. I think it's the same for all mortgages with them.

Regardless with such a low balance the legal costs would probably outweigh the lower rates.

When PTSB take over Ulster bank mortgage I'm aware the fixed rate will stay the same until it was originally meant to end.
But just wondering is the ability to overpay by 10% still going to be an option with PTSB?

No one knows yet. The following is taken from their website:

"While we can reassure you that the 10% overpayment feature remains available and unchanged, we are unable to confirm until final arrangements are made with the new provider of your loan, whether this feature will continue unchanged when your mortgage is transferred."

Important Customer Notice

www.ulsterbank.ie