Revolut Mortgage Application Process Made Easy

The Revolut mortgage application process is designed to be straightforward and hassle-free. You can start by checking your eligibility on the Revolut website.

To get started, you'll need to meet the minimum income requirement of £20,000 per year, and be a UK resident. You'll also need to have a good credit history.

Revolut offers a mortgage application process that can be completed entirely online, saving you time and effort. The entire process typically takes around 30 minutes to complete.

Once you've submitted your application, Revolut's team will review it and get back to you within a few hours.

Revolut is preparing to launch its mortgage service in 2025, starting in Lithuania, followed by Ireland and France. This marks a significant move into the traditional financial sector for the digital bank.

Revolut aims to offer a fully digital mortgage product that is the fastest on the market, with instant approval in principle and final offer in one business day, subject to asset valuation and necessary checks. This is part of the company's plan to shake up traditional financial service offerings.

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The mortgage service will be part of a comprehensive credit offering from Revolut, which is also exploring overdrafts. This move follows Revolut being handed 'authorisation with restrictions' banking status by the Bank of England's Prudential Regulation Authority in July.

Revolut's business unit is also exploring a buy-now-pay-later service, in addition to launching its first business credit product in Europe. The company's CEO, Nik Storonsky, is confident that 2025 will be a significant year for Revolut, with millions of new accounts opened and innovative products launched across its markets.

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Applying for a mortgage just got a whole lot more complicated. Banks are now looking for your Revolut statements, not just your main current account statements. This is because they want to see how you're spending your money to establish your affordability.

Banks will typically look for six months worth of current account statements, but now they're also looking for Revolut statements if you're actively using the service. They'll go through these statements with a fine-tooth comb to see what you're spending money on and what money is coming in.

Your spending on Revolut will affect your mortgage affordability, so make sure you're transparent about your spending habits. If you don't provide the Revolut statements upfront, the bank could delay giving you a decision on your mortgage application until they get them.

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Revolut aims to be the fastest place to get a mortgage, with the goal of issuing instant approval in principle and final offer in one business day.

They're planning a fully online application process, which will make it easier and faster for people to apply for a mortgage.

This could shake up the mortgage market in Ireland, forcing traditional lenders to change their game.

Revolut's Chief Executive, Joe Heneghan, says the company anticipates a soft launch of mortgages in Ireland as early as the third quarter of this year for testing.

Revolut's system will make the customer journey a lot faster and less onerous for the consumer compared to securing a mortgage with a conventional Irish bank.

They're confident their tech will make the mortgage process a lot slicker and more streamlined.

Credit Unions have already introduced mortgages with quick turnaround times, showing that it's possible to offer faster mortgage options.

Revolut's co-founder, Nikolay Storonsky, envisions a frictionless experience where you can apply for a mortgage, select a house, and receive an offer all within the app.

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Banks may request statements from you, not just your main current account, but also your Revolut account. This is because they want to see six months worth of statements to establish your affordability.

Banks will go through these statements with a fine-tooth comb to see what you're spending money on and what money is coming in. This includes looking for large ad-hoc payments and money being lodged to the account that isn't your salary.

A common myth is that transferring your money to another account, such as Revolut, will make it harder for banks to see your spending. Unfortunately, this is not true, and banks are now looking for Revolut statements from customers.

If a mortgage analyst sees you topping up a Revolut account from your main current account, they will look for the statements. If you don't provide them upfront, the bank could delay giving you a decision on your mortgage application.

Banks may request Revolut statements on a case-by-case basis if it will affect your affordability.

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