Avant Mortgage - new mortgage time line experience?

Status
Not open for further replies.
1

1eyeonthefuture

Registered User
Messages
85
Morning
Currently with UB, and had started the process of switching mortgages.
We have however decided to look at moving house which will involve getting a new 50% LTV mortgage @450k.
Have therefore instructed the broker to cancel the switch application and begin a new application for a new mortgage.
Any general experiences on the time line I can expect here from those that have taken out new mortgages with Avant?
Financial position is good, they are in possession of all required docs etc.
Thanks
 
1eyeonthefuture said:
Morning
Currently with UB, and had started the process of switching mortgages.
We have however decided to look at moving house which will involve getting a new 50% LTV mortgage @450k.
Have therefore instructed the broker to cancel the switch application and begin a new application for a new mortgage.
Any general experiences on the time line I can expect here from those that have taken out new mortgages with Avant?
Financial position is good, they are in possession of all required docs etc.
Thanks
Click to expand...
There are a few timelines posted on this thread: https://www.askaboutmoney.com/threa...switching-to-avant.224972/page-4#post-1767844
 
1eyeonthefuture said:
We have however decided to look at moving house which will involve getting a new 50% LTV mortgage @450k.
Have therefore instructed the broker to cancel the switch application and begin a new application for a new mortgage.
Click to expand...
Note that Avant will waive any break fee if you move house:
To qualify, you must take out a new mortgage with Avant Money for at least the same amount, term and within 12 months of redeeming your original mortgage. Subject to credit approval on the new mortgage
Click to expand...

Avant Money Mortgages

Innovative Irish mortgages. Paperless applications with 24/7 access. Start your mortgage journey with Avant Money.
www.avantmoney.ie www.avantmoney.ie

So you could switch your mortgage to Avant now instead of switching to Avant when you move. It is not totally clear to me whether this lets you "lock in" the current interest rate even if you move, or if they simply waive the break fee.

If you go this route, you should clarify with Avant if the "take your mortgage with you" benefit applies to all of their fixed rates or only some, and if you would be able to keep the same interest rate when you move.
 
Last edited:
Avant are flat out with mortgages. Maybe things slowing down now the €1500 cashback has expired, but our timeline was:
14th January- Applied on Bonkers.ie
24th January - Park financial contacted me looking for all the documents (statements, passports, bills etc)
1st Feb - A couple of outstanding documents and letters from employers
10th Feb - Awaiting Avant AIP. Advised it would take 10 working days.
23rd Feb - Avant questioned my payslip. "Parents leave" wasn't clear enough for them :rolleyes:
24th Feb - AIP. Valuer organised and Solicitor asked to request deeds of the house.
Some loan offer docs arrived in the post around here, and sent those back to our broker.
10th Mar - loan offer requested from Avant. 10 days to revert. Life policy schedule and home insurance letter of indemnity requested.
12th Mar - Avant request Feb payslip :rolleyes:
25th Mar - Loan offer issued
Slowness from insurance and life covery
11th April - Life cover and insurance docs sent on
14th April - Funds released to solicitor
20th April - Solicitor arranging to redeem our mortgage

Still awaiting it to be switched as yet. Other than the delay from insurance/life cover (17 days) I was as fast as I could be getting documents etc out. 3 months so :eek:
 
My rate with EBS expires in June, and I am just starting the Avant process now, so looks like I'll be behind by a month
Good to know, thanks for sharing.
 
Looking at my timeline. 3.5-4 months start to finish. Some of the highlights:

8th Jan - contacted broker.
25th Jan - application submitted to Avant.
14 Feb - AIP received
22 Feb - valuation carried out
14 Mar - loan offer issued
12 Apr - loan issued to solicitor
 
Last edited by a moderator:
I started switching beginning of December 2021 and switch was complete mid-April 2022.
 
April 28 / 29: Sign up on doddle, upload all required forms
May 3 / 4: Some final back and forth with broker on final forms, informed Avant taking 10-14 days to come back with AIP
May 5: Valuation carried out

Will update throughout
 
23 March - avant online aip
11 April - broker submitted application with all supporting docs
29 April- valuation complete

Status: awaiting formal AIP/Offer from avant
 
Avant Money is experiencing “significant delays” in processing mortgage applications as it struggles to meet demand, according to a number of sources in the home loan market.
[...]
Applicants are supposed to get a decision in principle within 10 days.

But sources said that applicants often have to wait several weeks for a decision at present.
Click to expand...
www.independent.ie

High demand for Avant mortgages is leading to delays

Avant Money is experiencing “significant delays” in processing mortgage applications as it struggles to meet demand, according to a number of sources in the home loan market.
www.independent.ie www.independent.ie
 
Well we have submitted our application on the last day 31st March after asking for the world and its mother in relation to docs. With UB and these are more like the Stasi in comparison

Broker not forth coming with communication and wont name them here but got the below update:confused:

unfortunately Avant’s situation is out of our control and I didn’t want to reply without having some kind of realistic guideline. I was just on to them again today & clarifications are taking 2 weeks plus to be reviewed. I know it’s crazy, but Avant Money has stopped all their marketing campaigns until they get on top of their back log & are heavily recruiting as we speak

Anyone in the same boat?
 
I gave up on Avant, just switched internally with Ulster Bank before ecb raises rates.

I started process with broker in January, been asked for crazy info and loads of clarifications. No word from broker in over a month.
 
We gave up on them too. We had like 50% LTV and looking for 2.5 income. We started the process in January and by the end of April had enough of their delays and queries. Our broker started ducking and dodging us too presumably because they’re fed up too and there is only so many ways you can say they’re swamped.
 
Sounds like they’ve become a victim of their own success.

Perhaps running a mortgage lending operation is a bit more complicated than some had initially envisaged?

Avant Money - new entrant

https://www.irishtimes.com/business/financial-services/avantcard-to-enter-irish-mortgage-market-in-the-autumn-1.4315614 I mean we've heard all this "game changing" guff before - I'll believe it when I see it. Whatever happened to Frank Mortgages who were going to shake things up a couple of...
www.askaboutmoney.com
 
Mine finally completed. Not a fun experience.

Jan 17th: Started with broker
Numerous back and forth with week plus gaps on the documentation
Feb 28th: AIP Issued
Mar 2nd: Valuation done
Mar 22th: Started the process with the solicitor to have that side ready
Apr 20th: Loan offer issued
May 9th: Funds released
May 11th: UB received funds
May 24th: UB finally closed off the mortgage account
When I moved to UB that was done in under two months and I was part of the reason for the delay on it
 
IrishGunner said:
Avant Money has stopped all their marketing campaigns until they get on top of their back log & are heavily recruiting as we speak
Click to expand...

That makes sense. I have always wondered why the likes of eir were allowed to continue advertising for new customers when they could not handle their existing customers.

Some years ago, one of the stock brokers was stopped by the Central Bank from taking on new customers because they couldn't handle their existing business.

Brendan
 
Update from Avant after 2 half months

Underwriters are spending this week underwriting all returned clarification cases this being one of those

No word if we have AIP but hopefully find out next week
 
On the payment of €1.5 for Solicitor fees that ended 31st March
Our application was in on this date but do you have to drawdown before this date to get this ?

Not expecting it but be good if we do
 
IrishGunner said:
On the payment of €1.5 for Solicitor fees that ended 31st March
Our application was in on this date but do you have to drawdown before this date to get this ?

Not expecting it but be good if we do
Click to expand...

There was no requirement to have drawn down by the end of March. All you needed to do was have your application in before April (and not before January), be a customer of Ulster or KBC and draw down within 6 months of recieving the offer letter.

The offer states they will pay out within two months. There were a couple of posts in this thread about cashback timelines but over eager mods deleted them. If I remember correctly the range was 6-8 weeks for payout in practice.
 
Problem not just on Avants side.
Well known Broker I'm using keeps asking for updated docs and by the time I obtain these and give them to him and by the time he reviews same he again asks for the same docs but updated.
Has happened 3 times now.
Bit of a joke.
Beyond me how he has a business.
 
Status
Not open for further replies.
Back
Top