Avant for mortgage?

stevie_indie_g

Hi,

I'm seeking a mortgage via my broker and was suggested to go for Avant.

Would you have any feedback dealing with them and how safe is it to go with them? Since they're not a traditional bank?

Any inputs or experiences would be helpful.

Thanks in advance

sphinxicus

got a 7 year fixed rate with them back when they were offering 1.9% rates. No issues with them, however i would say you would want your mortgate broker to be on the ball as they can be very picky/strict with documentation.

Get all your documents in order and scan them at a good quality (they complain about substandard quality) if your broker will accept digital versions.

Only downside i have found is the lack of online portal to be able to view your current balance/payments etc.

Henry Ford III

https://www.boards.ie/discussion/comment/120587833#Comment_120587833

What did your Broker say when you asked them this?

This is one of the bigger financial decisions and commitments you'll make so their advice is important.

The Phantom Jipper

Avant are legit so no worries about them being a scam or anything. I would recommend though to go on switcher or bonkers and input your data (deposit amount, house value etc) and see who is offering the best rates. It's possible Avant may not be the best option for your circumstances

Jim2007

https://www.boards.ie/discussion/2058296186/avant-for-mortgage

Avant is a legitimate lending organisation, so there is nothing to fear at this time. As for the future, none of us know how which way interest rates will go, how the economy will work nor the future of the institution. But at the end of the day you will have their money and they will have to try and get it back, so as long as you are confident that you'll be able to meet your mortgage payments as they fall due, i would not worry too much about it.

downtheroad

Similar to above, locked in last year at 1.95% for 7 years. The broker I used was excellent (PM me if you want details) and the whole process of switching to them was simple. They allow generous overpayments to be made of that's something you're interested in.

CatInABox

Went with Avant when we moved last year, ten year fixed. As above, they're very strict on docs, but a good broker will get you through that no problem.

Despite that reputation, they were surprisingly flexible in other ways, and quite helpful in others. All in all, I can't fault them at all really.

the_amazing_raisin

The thing that put us off Avant was the 1% limit on overpayments during the fixed rate period

Many other banks will let you put in up to 10% of the balance in without paying a fee

Now it's worth saying that the overpayment fee only applies if the interest rate is lower than when you started. Rates might go up for a while yet but if signing up for a 7 year fixed rate then it's likely they'll be lower by the end

So if you're planning to make overpayments then read the terms and conditions carefully and know what you're signing up for

CatInABox

https://www.boards.ie/discussion/comment/120588807#Comment_120588807

That's odd, it's ten percent according to their website, and it's ten percent in our fixed contract. I believe they may have it worded unusually, but the end result is that you can make two over payments in one calendar year, which cannot exceed ten percent of the balance.

the_amazing_raisin

https://www.boards.ie/discussion/comment/120588929#Comment_120588929

Oh that's cool, sounds like they updated it since the last time I was looking (around 2020)

Glad they finally changed it, it would really put you off overpaying the mortgage and clearing it early

Davexirl

I switched to Avant last year and I have had no issues.

The J Stands for Jay

https://www.boards.ie/discussion/comment/120587833#Comment_120587833

I'm the same, but I didn't have any issue scanning and emailing documents. I've never had a mortgage with an online portal, so that hasn't been an issue. I've set up a spreadsheet to show what the outstanding balance is at any given point instead.