Is the recent appearance of Avant on the mortgage market, an indicator, of additional competition coming into the market ? I believe it is.
I remember when Bank Of Scotland entered the market, if I recall, I moved to them, saving 1.00% on the rate, Shortly after they entered the market, most of the others dropped rates. Historically, new competition does have an impact, albeit slower than one might think.
From many recent reports, it seems that there is still room for lower rates in the Irish market, as we are so far above the EU average. The economic outlook, is that low rates will be here for at least a few years. As the poster qualifies for an Avant mortgage, then they have strong LTV, which will mean, they would also qualify for any new entrants onto the market, who would have similar LTV and other stricter conditions.
On balance, I see it as more likely than not, there will be lower rates available on the market in the near future,
so personally, I would go with 3 years maximum. Granted, it could go either way.
I have avoided fixed rates over the years, and stuck with variable, but moved banks a few times, eventually, I ended up on the NIB/Danske Bank LTV <50% rate of ECB +0.50% in about 2007. Maybe I was lucky ! But I reviewed every 2 to 3 years, and moved banks a number of times. Each time I moved, I also reduced the term by a year or so. Those moves combined, knocked more than 5 years off.