Revolut hopes to offer mortgages to Irish customers by autumn
Revolut could be offering mortgages in Ireland by the autumn.
The online bank initially plans to offer home loans through its app with telephone support from staff, but may also consider using brokers in the future.
According to The Irish Times, Revolut is also hoping to make the application process "a lot slicker" and less "unwieldy".
The UK-based financial technology group began market testing in Lithuania, home of its euro zone banking licence, earlier this month and has issued some home loans there.
Joe Heneghan, chief executive of Revolut Europe, told The Irish Times that he hoped the firm's mortgage offer would be ready for Irish customers in the final quarter of the year.
Revolut has 3 million customers in the Republic, making it well-placed to take on the three Irish banks that accounted for 92 per cent of €12.6 billion of mortgages issued last year.
Others also trying to loosen the banks’ stranglehold on mortgages include Avant Money, ICS Mortgages, which has become more active in the last year, and new entrants Nuá Money and MoCo.
Revolut, which has staff across 42 countries and more than 50 million customers, recorded a jump in net profit of 129 per cent last year to £790 million (€922 million).
