Revolut has officially launched its first mortgage product in the United Kingdom, offering fixed-rate home loans of up to £1 million with terms ranging from two to five years. The product, which is available exclusively through Revolut's app, promises approval decisions within 24 hours and completion times significantly faster than traditional high street lenders. Initial rates start at 4.12 per cent for a two-year fix, positioning Revolut competitively against offerings from Nationwide, HSBC, and other established mortgage providers.

The launch comes less than a year after Revolut received its full UK banking licence from the Prudential Regulation Authority, a milestone that chief executive Nik Storonsky described at the time as "the most important moment in the company's history." The mortgage product draws on Revolut's data analytics capabilities, using open banking information and spending patterns to assess affordability alongside traditional credit checks. "We believe we can underwrite mortgages more accurately and more quickly than incumbent banks," said James Radford, head of Revolut's UK lending division.

Mortgage brokers have given the product a cautious welcome, noting that while the rates are competitive, Revolut's lack of a branch network and limited track record in secured lending may deter some borrowers. "First-time buyers who are already Revolut customers will find this very appealing," said Ray Boulger, senior technical manager at John Charcol. "But the mortgage market is built on trust, and that takes time to establish." Revolut has indicated it plans to extend the product to include buy-to-let mortgages and remortgage options by the end of 2025.