Property & Mortgages

Avant Money mortgage demand set to grow as applications hit €200m




Bankinter owns Avant Money
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Bankinter owns Avant Money

Avant Money, a consumer-finance company owned by Spanish banking group Bankinter, has revealed it has received €200m in new mortgage applications since it launched the product here in September last year.

Bankinter's most recent set of results, published earlier this month, included the value of new mortgage applications. In the results, Bankinter added it had grown Avantcard's loan book to €500m, up 6pc on 2019.

Chris Paul, chief executive of Avant Money, said the mortgage business had performed exceptionally well since its launch.

"We are delighted with the consumer and market response to our new mortgage products," he said.

"We know that Irish consumers have been underserved for too long now and, with Avant Money, they can now avail of the lowest rates available in Ireland today. This allows customers to make substantial savings across the lifetime of their mortgages."

Avant Money, which was previously known as Avantcard, launched its mortgage product last September. Its three-, five- and seven-year fixed-rate products start from 1.95pc - the lowest rates available in Ireland today.

The Co Leitrim-based company said the mortgage business had performed exceptionally well and is well ahead of expected targets.

It currently distributes the mortgages exclusively through the top 20 brokers in Ireland, focused initially on major urban centres. It plans to extend the broker network further in 2021.

Avant Money has provided personal loans and credit cards in Ireland for more than 20 years.

The new Avant Money branding will be extended to the existing Avantcard business in spring.

Sunday Indo Business

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