Revolut planning to provide mortgages next year

Brendan Burgess said:
You would be crazy to go near any online company for a mortgage and Revolut in particular. Many issues arise in drawing down a mortgage and you have to be able to contact the lender. Revolut is impossible to get a response from when problems arise. That is bad enough when you have had money taken out of your account but it could be fatal if you are trying to draw down money to close a sale.
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Agree 100% with @Brendan Burgess

Buying a house is stressful enough, without taking on the additional risk of trusting Revolut to perform.

A refinance is an entirely different story, as most people aren't under any pressure, and don't have a firm deadline that they need to complete the deal by, it's normally just the attraction of a cheaper lending rate.
 
I took out a mortgage with ebs in the recent past. It was a 'mare'. Constantly having to call to bank to bring documents in. Impossible to speak to someone about my application, get answers quick.

And dont get me starred on BoI amd AIB. Hate them. Crap customer service and antiquated processes.

Revolut may just be better than that.
 
@ArthurMcB ... and you think it's going to be easier to get various original documents to Revolut, or get help from them online ?

Bad as the experience with EBS may have been, at least they had an office where you could go, when you needed help!

I'm a fan of Revolut's app and use my Revolut account almost every day, for contactless transactions etc. It's very good. But their customer service is a disaster, and that's saying a lot, given we've all complained about service levels at the various traditional banks etc.
 
My experience to date, with Revolut, has been good. However, as you say, I fear that might be different if I were to apply for a mortgage.

My experience to date, with Irish Banks, has been bad.

I tend to pass judgement based on experience.
 
Brendan Burgess said:
Many issues arise in drawing down a mortgage and you have to be able to contact the lender. Revolut is impossible to get a response from when problems arise.
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Interestingly, they implicitly acknowledge how shocking they are and intend to actually staff this product.

Revolut initially plans to start offering Irish home loans directly through its app, supported by staff over the phone because of the complexity of mortgage underwriting
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Itchy said:
Interestingly, they implicitly acknowledge how shocking they are and intend to actually staff this product.
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But why would you trust them to staff this product?

There is something more important than price. Getting to buy your home is critical. I would not base it on a PR release from Revolut.
 
Could the same be said for new entrant. You never know what customer service will be like.

Probably why a lot of people stick with the bank they are a member of which isn’t a good thing.
 
faketales said:
Could the same be said for new entrant. You never know what customer service will be like.
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Well Revolut has a long record of appalling customer service. So, it's very likely that this will continue into the future.

If a new lender sets up tomorrow, it could be more or less efficient than the existing providers. There really is no way of knowing which. Michael Dowling has said that one of the new entrants - Nua I think - will give outline approval within a few hours compared to a few weeks for the mainstream lenders.
 
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