Mortgage lender Avant Money said today it is launching the lowest four and ten-year fixed rate mortgages in the Irish market.

It also said it was reducing rates on its existing seven-year fixed rate product as it continues to focus on delivering savings to consumers.

Avant said its new ten-year fixed rates will start from 2.1%.

Customers moving to Avant Money on the new ten-year fixed rate would save €45 a month and €12,685 in total over the life of their mortgage versus the next best mortgage provider.

This calculation is based on a 25-year mortgage, a remaining balance of €300,000 and a loan to value of 60%.

The new four-year fixed rates will start from 1.95%, while Avant Money is also reducing pricing on its seven-year fixed rates for loan to values between 60% and 90%.

It said that first time buyers taking a seven-year fixed rate with Avant Money would save €134 a month and €26,032 in total over the life of their mortgage.

This calculation is based on a 30-year mortgage, a balance of €300,000 and a loan to value of 80%, Avant said.

Avant Money mortgages are available through a panel of 35 mortgage brokers, all of whom are fully regulated by the Central Bank.

Its mortgages are available in a wide range of locations, including Dublin, Cork, Galway, Limerick and Waterford and their surrounding commuter belts as well as Athlone, Carlow town, Dundalk, Kilkenny city, Portlaoise and Wexford town.

Brian Lande, Head of Mortgages for Avant Money, said its new ten-year fixed rate mortgage provides an attractive option for those customers who have been asking to lock-into its low interest rates for even longer.

Avant Money's Brian Lande

"Our products have already proved very popular with customers seeking lower monthly repayments and a lower total cost of credit over the life of the mortgage. As other mortgage lenders announce their exit from the market, Avant Money is very pleased to extend our offer to both home buyers and to those wishing to switch mortgage from their exiting lenders," he added.

Non-bank lender Finance Ireland yesterday announced a 20-year fixed term rate on residential mortgages.

The 20-year term will be twice the maximum length of any mortgage currently available in the Irish market.