Whether it’s buying a new home or remortgaging, handling a mortgage application has traditionally been a mess of paperwork and dealing with face-to-face meetings and calls with a mortgage broker.
But with the emergence of challenger banks and personal finance apps, there’s no reason getting a mortgage shouldn’t be brought into the 21st century too.
When searching for a new home or looking to remortgage, many people turn to brokers to find the best mortgage deal.
A mortgage broker is effectively a middleman between you and your mortgage lender. A broker will advise on which mortgage deal to choose and can help to process your application.
While some brokers offer their services for free and take their payment as commission from the mortgage lender, many will charge you a fee. This could be an hourly or daily rate, a percentage of the mortgage you are borrowing, or a flat fee.
Many people just go with the broker recommended by their estate agent (or aren’t aware that they are able to go elsewhere), so get saddled with fees unnecessarily.
Meeting with a traditional mortgage broker can be a slow process and involve lots of scanning and sending of physical paperwork. Your chosen broker may not also have access to a wide range of products and lenders.
There’s a new approach emerging, with online mortgage brokers such as our partner Trussle.
In the age of banking apps and mobile financial management, many parts of applying for a mortgage can seem outdated. Trussle has brought it online, cutting out the paperwork, waiting times, broker fees, and hassle.
Trussle’s aim is to make finding, securing and managing your mortgage more straightforward. And unlike many traditional mortgage brokers, there’s no fee to you.
Trussle can help you answer three key questions about your mortgage, whether you’re buying a new home or remortgaging:
What can I afford?
Which mortgage is the right one for me?
When should I switch to avoid getting ripped off?
Based on your unique needs, Trussle searches through thousands of mortgages from more than 90 lenders.
You could secure a mortgage in principle in under five minutes, even when banks and traditional advisers are closed. You’ll also get a full mortgage recommendation to help you decide which deal is right for your needs.
You can speak to someone at any time using the online chat tool. Every Trussle mortgage adviser is fully CEMAP qualified with years of experience.
Once you’ve submitted your mortgage application, you can track each stage at any time from your personal Trussle Timeline.
Trussle then continues to monitor your mortgage and help you switch to a better deal later on, so you’re never paying more than you should.
Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.