The mortgage market looks set to intensify with the announcement from Avant Money that it is to begin offering long-term fixed rates, including the first 30-year fixed rate in the Irish market.
It will enable borrowers to fix for the entire term of their mortgage, with rates for the 30-year term starting at 2.85% for a 60% Loan to Value (LTV) ratio.
Avant Money is enabling borrowers with a very long-term perspective on their mortgage to lock into the historically low-rate environment for 15, 20, 25 or 30 years.
The cheapest rate available under the One Mortgage is 2.25% on a 15-year 60% LTV ratio loan.
At the other end of the scale, a 90% LTV over 30 years will cost the borrower 3.1%.
The product includes an annual overpayment limit of 10% of the balance per year.
Early redemption fees on the One Mortgage are capped at 2%, falling to 1.5% after year 10.
If a borrower moves home and keeps their mortgage with Avant the early redemption fees are refunded.
The new products will be available from 25 June.
Avant Money is owned by Spanish banking group Bankinter and provides mortgages, personal loans and credit cards under its own brand and through An Post Money, Chill Money and other partners.
Its mortgages are available through certain mortgage brokers and loans are available to first-time buyers, mover and switchers in Dublin, Cork, Galway, Limerick and Waterford as well as their commuter belts.
They are also available to people living in Athlone, Carlow Town, Dundalk, Kilkenny City, Portlaoise and Wexford Town.