How to: apply for a mortgage from your sofa, via your banking app

Written by Lisa Stanley Mann on 26th Apr 2017

Just imagine, you’re sat on your sofa, one eye on In the Line of Duty, the other on the Rightmove app, and you’re wondering what kind of mortgage you could get on that 3-bed semi with the long garden that could make it affordable.

How much you can afford to spend on a property and what your likely monthly repayments will be could be just a couple of taps away, following a new partnership between Revolut, the challenger bank app for continent-hoppers, and Trussle, the online mortgage platform, which will enable app users to browse – and even apply for mortgage deals, without picking up the phone.

Revolut users will be able to conduct a thorough mortgage search and then apply for the most suitable mortgage deal for their circumstances entirely online, removing the hassle of a traditionally phone and paper-based broker process. Basic Revolut users will also receive a £50 reward paid directly into their account for each mortgage transaction submitted, while premium Revolut users will receive £125.

Revolut, launched 18 months ago, allows users to set up a current account in 60 seconds, exchange currencies at the interbank exchange rate, transfer in 23 currencies to any bank in the world, and spend fee-free in 120 currencies with a contactless MasterCard.

Trussle’s technology-led mortgage service has been designed to enable first-time buyers, home movers or remortgagers to find out what they could afford to borrow in just 60 seconds, and receive a printable Mortgage in Principle in less than five minutes.

As well as managing Revolut users’ mortgage application from start to finish, once a mortgage has been secured, Trussle will automatically monitor the mortgage and provide alerts when it makes sense to switch to a more suitable deal. The integration of the two platforms means that customers will be sent notifications via the Revolut banking app, alerting them when a better value deal is available.

According to Trussle, more than three million mortgage borrowers in the UK are currently on a Standard Variable Rate paying an average of £3,500 a year above the best fixed rate deal.

Nikolay Storonsky, CEO and Founder of Revolut said: “This partnership is yet another example of Revolut offering a real alternative to traditional banks, and we’re delighted to partner with Trussle to provide our users across the UK with a pain-free way to find, secure and manage their mortgage.”

Ishaan Malhi, CEO and founder of Trussle, said: “We’re delighted to partner with Revolut who, like us, believe that technology can be used to drastically improve the financial well-being of millions of people. From today, Revolut customers will be able to manage their mortgage commitments seamlessly through one app, knowing that they’ll always be on the most suitable mortgage deal for them.”

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