The deal
Launched in 2015, Trussle is an online mortgage broker that promises to search around 12,000 mortgages offered by 90 lenders to save you money. It claims to save its customers an average of £290 per month on mortgage repayments – and it’s service is completely free. That’s not bad when you consider that most mortgage brokers charge £500 on average, according to the Money Advice Service. Plus there’s no need to arrange a face-to-face appointment, which saves you time too.
Trussle – winner of ‘Best Mortgage Broker’ at the British Bank Awards 2021 – promises to give you fee free advice within 24 hours and a decision on your mortgage in under five days, or it will pay you £100.
Using its service won’t affect your credit score, up to the point where you submit your new mortgage application.
User-friendliness
Trussle aims to take the hassle out of finding a mortgage. It should take about 15 minutes to fill in its online form with your personal and financial details (you also have the option to talk to an advisor on the phone or live chat).
Once your profile is completed, you will be allocated a personal mortgage advisor who will search for the best deal for your circumstances and call you to talk through your options.
Bear in mind that the best deal for you will be about more than just the lowest cost. Trussle says it will look at the total cost over your mortgage term including fees, how much you’ll have left to pay after your initial period and your personal situation.
When you’re happy with your deal, you’ll need to upload some documents, then you can sit back and let your advisor take care of the rest. Trussle will then contact you again when it’s time to look for a better deal. This is usually about six months before your initial period comes to an end.
Is it safe?
Like all mortgage brokers, Trussle is authorised and regulated by the Financial Conduct Authority (FCA) so must follow rules on treating customers fairly and making product and service terms and costs clear. You have the right to complain to the Financial Services Ombudsman if issues can’t be resolved.
Trussle secures your data using the same grade encryption as major banks, and it promises to never unnecessarily share your data with third parties.
Sustainable option
Trussle is trying to shake up the mortgage system by making it fair and accessible to everyone, including those who are self-employed or have a poor credit history.
It is lobbying the government to introduce a ‘Mortgage Switch Guarantee.’ This would force the industry to make costs clearer, so you know exactly how much you will be paying over the long term and if/ when your lender is moving you to a higher rate.
However, Trussle searches the entire market for the best mortgage deal for your circumstances and doesn’t currently have a filter that takes sustainability into account. Its list of lenders include high street banks with poor sustainability credentials including some of the worst offenders for investing in fossil fuels – Barclays and NatWest.
It does, though, also include Good With Money Good Egg company Ecology Building Society as well as other mutuals such as Nationwide, Skipton and Suffolk (previously Ipswich), which are inherently more ethical than the big high street banks because they are owned by their customers rather than shareholders.
So if it’s important to you that the profits from your mortgage aren’t used to invest in destructive industries, you should ask your advisor about your options.
Top 4 responsible mortgage providers
Unique selling points
- Free. The Trussle service is completely free to you.
- Impartial. Trussle advisors are not paid commission to recommend favoured providers, therefore you should always receive impartial advice. It uses an algorithm to search the market, keeping it unbiased.
- Changing the industry. It’s simplifying the mortgage process and making it more transparent. It’s also lobbying government to make this happen industry-wide, which can only be a good thing!
- Speed guarantee. Trussle commits to finding you a mortgage deal in five days – or it will pay you £100.
- Zoopla partnership. Trussle is linked to property portal Zoopla so as well as arranging your mortgage, it can show you properties that might be suitable for your budget and needs.
The plus points
- It does the hard work. Trussle will search 12,000 mortgages offered by 90 lenders to save you time as well as money.
- Referral reward. If you refer Trussle to a friend, you’ll both get a £100 Amazon voucher.
- Transparent. Shows the true cost of your mortgage deal over the long term, with no hidden fees.
Any drawbacks?
- Not entire market. Although it covers a huge chunk of the mortgage market, some lenders refuse to work with mortgage brokers so aren’t included.
- No sustainability filter. Trussle doesn’t currently take sustainability standards into account when recommending deals to you.
Top 4 ethical and eco-friendly home insurers
Cost of use
Trussle is completely free for you to use. This includes giving you expert mortgage advice, finding you a mortgage that suits your needs and then applying for it on your behalf.
Trussle gets paid by your lender when you complete your mortgage or remortgage (this is known as a “procuration” or “proc” fee). It says it does not give its advisers incentives to recommend specific insurers or lenders to you, so you should always receive impartial advice.
How do these costs compare to competitors?
Trussle’s main competitors Habito and MortgageGym also offer a fast and free online mortgage service. Like Trussle, they make money from procurement fees paid by lenders in return for introducing customers to their mortgages.
Habito also offers life insurance through an insurance partner and conveyancing services via Premier Property Lawyers.
Other options
Similar digital mortgage brokers worth considering are:
Top 9 ethical financial advisers
