Online mortgage broker Trussle has today announced a new Mortgage Speed Promise.
The service will offer customers award-winning mortgage advice within 24 hours and a mortgage decision within 5 days.
It is very difficult for borrowers to get a timely mortgage decision from a lender. The pandemic exacerbated the issue, with average mortgage approval times slowing down dramatically. While some lenders are now back to pre-pandemic processing times, some are still very slow. For example, on average, Halifax processes applications in an average of 3 days, whereas other high street lenders can take 15 days or more. This can leave buyers facing considerable periods of uncertainty.1
Trussle’s Mortgage Speed Promise will not only offer customers greater speed, but also offer them unparalleled certainty when it launches on Monday, 13 September. Trussle is the first mortgage broker to offer a service that promises mortgage decisions to customers within 5 days.
Because of the current lack of consistency in mortgage approval times among lenders, Trussle will only work with the UK’s fastest lenders to deliver on its 5-day service commitment. At launch, 9 lenders will be part of the promise including Halifax, HSBC, Barclays and Clydesdale.
Alongside this, Trussle is actively working with a wide range of lenders to improve their approval times and include them in the Speed Promise at a later date.
Ian Larkin, CEO at online mortgage broker Trussle, comments: Buying a new home should be an exciting time, and so it’s such a shame that it’s considered one of the most stressful processes in life. Trussle was created to make mortgage applications easier and now we want to give our customers the certainty they desperately need at a very early stage in the process. By using technology and automation to cut out needless hassle, we can give our customers decisions in days not weeks, without compromising on service, to hopefully bring some of that excitement back to buying a home.”
The broker is also able to offer the service with no disruption to customers. Applicants will not be required to submit further documentation beyond what is currently required for a mortgage application, and a wide range of mortgage products with market-leading rates will be available, including high LTV, buy to let and remortgages. Any eligible customer who does not receive a decision within 5 days will receive £100 in compensation. Terms and conditions apply.
Trussle, which recently won the 2021 Best Mortgage Broker award from the BBA, has just been acquired by US mortgage startup Better. Better, which commenced operations in 2015, is a digital-first homeownership company that by the end of 2020 had funded $30.9B in home loans and provided over $7B in cumulative insurance coverage. The company plans to be listed publicly later this year with a post-money valuation of approximately $7.7 billion.