Revolut's Irish mortgages are a game changer, and the banks know it | Hacker News Reader

Revolut's Irish mortgages are a game changer, and the banks know it

irishtimes.com

6 pointsmsolujic13 comments

> there seems to be an acceptance at the company that potential customers will want to be able to speak to someone

No.

I want it all done through the app and automatically. I really don't want to speak to anyone.

Every human in the line is one more who wants their fee, can make a mistake, or delay the whole process.

Especially for lower value mortgages (ie. 50% of property value), no inspection should even be needed - merely the fact that every other house on the street is valued at €X and you are giving me €X/2 secured on a property probably worth ~€X should be security enough.

You don't want to speak to anyone, until something goes wrong and you're about to be deeply affected, then you want to speak to someone really badly.

I swear that the "I don't want to talk to people" and the "customer support no longer exists, impossible to talk to a person" are the same people in different days.

> Every human in the line is one more who wants their fee, can make a mistake, or delay the whole process

At least in America, it’s well known that borrowers who won’t or can’t speak to a person will pay more. At the lower levels (<$500k), this doesn’t matter. But the difference between wholesale and private rates can be tens to hundreds of basis points. TL; DR If you are taking out a jumbo, have a relationship; it could save you hundreds of thousands of dollars.

The most profitable borrowers are those who can be denied a person to speak to, because they never wanted them when they signed their paperwork (and so cannot be held to have reasonably expected it).

Yes. Revolut can block your account at any time without any reason and they do it way more often than regular banks. At the same time this won't put on hold your obligations (credit card/loan repayments, subscription fees, etc).

I don't want to talk to anyone, until I do, and with something like a mortgage, I'd better be able to talk to someone about a half-mil debt.

You're the one with the money, they're the one who want repaying. It really turns the tables about who wants to call who.

Lol tell me you've never had a mortgage without telling me

https://archive.ph/oXrgu

How much of the pain in getting an Irish mortgage comes from regulations? I tried re-mortgaging with Avant a few years ago and it was no less onerous than the process with BoI. Same messing about with multiple surveys, 30 page forms etc. And in the end (for reasons) we stuck with BoI.

By "game changer" the article basically just says they compete and have good market share wherever they play.

It completely fails to say if it has some difference in LMI or leverage, loan to value, early payment, sharper interest rates: no details why it is such a game changer. Just "it is"

Maybe somebody can say why?

This is just an ad basically. Right?

Paywall

Get around it.

Reply on news.ycombinator.com