Interest rate war brews as new bank joins market

Avantcard is to enter the Irish mortgage market in the autumn. It is expected Avantcard, which will use the brand Avant Money, will offer fixed rates below 2%. 

The average rate on a new mortgage across all lenders here is 2.87% with no lender currently offers a sub-2% rate.

The move came as Permanent TSB cut its variable and fixed rates, and performed a U-turn by making the rates available to existing customers, not just new borrowers.

Financial adviser Karl Deeter, of online brokerage Yes.ie, said there now was a mortgage rate war going on in the Irish market.

Read full article: Independent.ie