What is the Euribor rate?
Euribor stands for European Interbank Offered Rate and is a reference rate which the leading European banks use to lend to each other. It is updated every day. The Euribor is not new, it has been in use since 1st January 1999. There are various different terms for the Euribor rate, ranging from 1 week to 3 months and up to 12 months.
The Euribor rate is used to set the interest rate for many mortgages in European countries. Avant Money is the only bank in Ireland that currently uses the Euribor to set the interest rate on a residential mortgage*. (*Correct as of 05/03/2026).
How is the Euribor rate calculated?
The calculation of the Euribor rate is carried out by The European Money Markets Institute (EMMI), who put together the data from the main European banks. The Euribor rates change daily and are updated based on the interest rates offered by a panel of the most active banks in the European interbank market.
How does the Euribor affect the Flex Mortgage?
The Avant Money Flex Mortgage interest rate is linked to the 12-month Euribor rate. Every month, we use an average of the 12-month Euribor rate as the benchmark rate. This average is published by the European Central Bank on the first business day of every month. We then add a fixed margin to this benchmark to arrive at your total Flex Mortgage rate.
Because the Flex Mortgage is a variable rate, your interest rate can go up or down each month depending on the average Euribor rate. Once a year, around the anniversary of when you took out your mortgage, the benchmark rate is reset to reflect market rates. The margin stays the same.
Find out more about Flex Mortgage.
For more information visit Avant Money Mortgages.
The monthly repayment on a 20-year mortgage with Loan to Value (LTV) greater than 80% with variable borrowing rate of 3.95% on a mortgage of €100,000 is €603.35 for 240 months. Total amount repayable is €145,028.74. If interest rates increase by 1% an additional €53.85 would be payable per month. For this example, Annual Percentage Rate of Charge (APRC) of 4.0% applies and consists of variable borrowing rate of 3.95%, valuation fee of €185, and security release fee of €40. LTV is the amount borrowed as percentage of the value of your home. Information correct at 5th March 2026 and is subject to change. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income (4.0 for first-time buyers) and 90% of the property value (80% for switchers). The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home.
Lending criteria and terms and conditions apply. Applications from residents of ROI over the age of 18 only, and subject to repayment capacity, financial status and property valuation. We require property and life insurance.
Bankinter S.A. trading as Avant Money, is authorised by the Banco de Espana in Spain and is regulated by the Central Bank of Ireland for consumer protection rules.
The following warning applies in the case of the Flex Mortgage which is a benchmark variable rate loan:
Warning: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it.
Warning: If you do not keep up your repayments you may lose your home.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit report which may limit your ability to access credit, a hire-purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.
Warning: Your interest rate may increase and the amount of your mortgage repayments may increase as a result.
Warning: If you switch to an alternative mortgage product or interest rate, you will not be contractually entitled to revert to a Benchmark Variable Rate Loan at any time in the future.