Spanish lender Avant Money has entered the Irish mortgage market, offering fixed-rate  and variable mortgages.

Operating in Ireland from Carrick-on-Shannon and employing c.250 staff, Avant Money is owned by Spanish banking group Bankinter. The Irish operation has its origins in US credit card company MBNA, which pulled out of the Irish market in 2012.

Avant Money is offering 3, 5 and 7-year fixed-rate products. Fixed rates start from 2.29% for a 7-years fix where loan to value is under 60%.

Chris Paul, CEO of Avant Money said the company is shunning "short-term gimmicks such as cashback offers" in favour of products and rates geared towards providing true, quantifiable savings over the life of a typical mortgage.

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Liam O’Connor, sales director at Irish Mortgage Corporation, said Avant Money brings to eight the number of mortgage providers catered for by the broker.

O’Connor added: “The potential savings available taking an Avant Money mortgage are huge. We are concerned that not enough emphasis is placed on the APRC when comparing mortgages. We would encourage consumers to focus much more on this as a comparison measure as opposed to just the initial mortgage payment and potential upfront incentives or inducements that might be available.’’

The APRC is the annual rate of interest charged on a mortgage. It takes account of all the costs involved over the term of the mortgage, such as any set-up charges and the interest rate.

Avant Money’s 80% LTV 3-year fixed rate at is 2.71% APRC. The most expensive lender in the market prices an 80% LTV 3-year fix  at 4.10%.

• CCPC guidance on comparing mortgage interest rates