Revolut could be offering mortgages in Ireland sooner than you think
Revolut may begin offering mortgages to Irish people as soon as this autumn.
The banking app, which boasts over 3 million users in Ireland alone, was rumoured to be starting a mortgage service last year — with them beginning market testing in Lithuania, where they have their Eurozone Banking Licence.
It is now expected that Revolut will soft-launch mortgages in Ireland as soon as the third quarter of the year for testing, before being launched altogether toward the end of 2025. Revolut may begin offering mortgages to Irish people as soon as this autumn. Pic: JarTee/Shutterstock
'I'd say it'll probably be Q3 for the testing and Q4 for the launch in Ireland,' Revolut Chief Executive Joe Heneghan told the Irish Times, adding that while they initially expected it being launched in the second quarter of this year that he 'wouldn't say there has been any surprise in the process.'
The banking app is expected to offer home loans directly through their app and supported by staff over the phone, but may in the future 'explore' using brokers, which are used in around 47% of mortgages being written in the country.
With the aim of becoming a one-stop shop for financial services worldwide, Revolut has been working towards a strong rivalry with traditional banks for some time, now, as the banking company goes beyond its current offerings of payment services, crypto and stock trading as well as savings accounts. Revolut have been testing the waters for mortgages in Lithuania, and may launch them in Ireland later this year. Pic: Shutterstock
The company's founders, Nikolay Storonsky and Vlad Yatsenko, broached the idea of offering mortgages as early as 2022, where they said that they planned on offering '100% digital mortgages in the near future.'
'We will definitely do mortgages for consumers,' Mr Storonsky said. 'Because when I look at all the mortgage processes, it can take one to two months. At best, it's seven days. It's all quite 'legacy.'
Outlining how the Revolut mortgage model could work, Storonsky explained: 'It could be one of two models, or a combination.' Pic: Revolut
'The first one is a mortgage financed by us as a bank. Or it could be like a mortgage introduction. Ultimately, what we want to build is a frictionless experience that is 100% digital so that within the app, you apply for the mortgage, select the house that you want to buy and then be emailed at the same time.'
'Everything would be instant and automated.'
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