Digital mortgage brokers are starting to appear so instead of visiting an adviser you can apply for a home loan from your computer.
Trussle is a start-up fintech that launched softly in December 2015 but went full steam ahead in April 2016. It is an appointed representative of the Mortgage Advice Bureau, one of the largest independent mortgage brokers, and has access to 90 different lenders and 11,000 mortgage products.
The way it works is that you key in your details for a mortgage or remortgage, and the system works out the best deal for you. You also have the choice of speaking to an adviser on the phone. If you want to proceed, Trussle will send the application to the lender.
As it’s online you can access Trussle anytime and three quarters of people do so during the evening or at the weekend.
Trussle can also notify borrowers if a better deal comes along, even if there are early repayment charges on the current mortgage it could still be cheaper to remortgage. The firm conducted research earlier this year which found that 60% of borrowers are on the wrong mortgage and would save money by moving to another deal.
Co-founder of Trussle Ishaan Malhi said: “Trussle is enabled by technology and powered by people. Borrowers will pay the lowest cost on a product that meets their suitability – and from a lender you will be approved by.”
