Mortgage provider Avant Money has today announced a simplified mortgage switching process and switching incentive for customers.
Avant Money said it will make the process to switch mortgage providers easier by reducing the number of documents required, addding that it no longer requires salary certificates, copies of mortgage statements, credit card statements or savings statements - except in in exceptional circumstances.
Avant Money also said an incentive of €2,000 to cover the costs associated with switching is available to those who drawdown a mortgage from January 2 to March 15, 2024.
Avant said its research indicated there could be over €25 billion of mortgages on interest rates that are higher than prevailing fixed rates.
It said that for some of these customers, switching mortgage providers will both reduce monthly repayments and the total cost of credit over the life of the mortgage.
Brian Lande, Head of Mortgages at Avant Money, said that for many customers, switching mortgage provider can be the easiest way to make significant savings in a household's day-to-day finances.
"A customer with a typical €300,000 mortgage over 25 years paying a standard variable rate of 4.7%, could save €118 every month or €35,468 over the remaining mortgage term by switching to the Avant Money One Mortgage," he noted.
