In this article, I review my experience remortgaging via the Trussle mortgage broker site. I cover the pros and cons of joining up to Trussle, plus a final verdict and a £100 Amazon voucher once you complete. *Disclosure: If you complete a mortgage via Trustee, we both get a £100 Amazon voucher. This article is just my opinion and not financial advice.
Remortgaging or a first-time mortgage is a headache, particularly if you are new to it. Without an expert, it is hard to understand all the jargon and find a great deal. After some research, I decided to get my remortgage offer via the expertise of Trussle.
Who is Trussle?
Trussle is an online fee-free mortgage broker. Trussle gives expert mortgage advice and finds the right mortgage. In essence, their mortgage advisors take the hassle out of working directly with a lender and explain mortgage jargon in lament terms. Their manifesto is to stand up for homeowners, not the big banks, working with over 90 lenders. Trussle’s TrustPilot score is also 4.7/5, which is promising, a lot of people rate the straightforward process and their fantastic service. Trussle offers a remortgage or a brand new mortgage via their Mortgage comparison.
My experience of Trussle
After almost finishing a 3 year fixed deal on my mortgage, I needed to arrange a remortgage to avoid overpaying (a whacking 40% more each month). Speaking to one high street broker contact, they wanted an upfront fee of £400, without showing me any mortgage offers. Therefore, I researched online for mortgage comparison broker sites with no fee. Trussle appeared. What stuck out was their reputation, no mortgage fee and there was an expert on hand to give mortgage advice. After about 10 minutes of form filling, I received a call from a Trussle mortgage expert, Morgan the next day. We spoke several times and the advisor recommended mortgage deals based on my needs (weighing up the fixed-rate term, the interest rate, and the mortgage product fee). I then followed a simple process (see below) and my deal was completed!
The Trussle process
Enter your personal details into Trussle’s online survey, then check out the most suitable deal. You then complete the deal by communicating with Trussle’s mortgage experts by email, phone, or online chat. The meeting is not face-to-face and purely a phone call, and you don’t have to pay any money for a great deal.
-Step 1 Submit your documents: I submitted my bank details, work wage slips, proof of address, plus ID verification to Trussle, who then submitted it to the potential lender
-Step 2: Application to Lender: Trussle took the hassle out of applying and they applied to the lender on my behalf, using their contacts. They kept me up to date with timings via email and phone calls, which was useful.
*Step 3: Mortgage Approval: I received a call and email that it had gone through, which was great
How does Trussle make money?
Trussle only make money when you complete your mortgage. They get a commission (% of the product or a referral fee) from the lender, nothing from you, the customer.
The pros of mortgaging Trussle
*Friendly informed experts who advise on deals
*Trussle’s service is free of charge
*Trussle is regulated by the Financial Conduct Authority and they highlight they don’t unnecessarily share your data with your third parties.
*A strong panel of 90 lenders and over 11,000 offers
*They do admin work with the lender, submitting your details, taking the time and hassle away
*Average people save £344 on average a month
*You can gain a free £100 Amazon voucher upon completion with a lender via Trussle
*They show you the true cost of a mortgage, taking into account the product fee and the interest rate
The cons of mortgaging via Trussle
*Trussle don’t search the whole market, so you do miss out on some other deals
*Trussle doesn’t advise on purchases under Help to Buy, Shared Ownership, or Right to Buy
*You don’t meet up with the Trussle mortgage expert face to face (not possible anyway due to COVID), so clarifying everything isn’t as easy as someone in front of you.
Overall Trussle Review
Overall, Trussle’s service is a quick and smooth process, plus their mortgage experts are friendly and knowledgeable. Trussle can help you find a great mortgage deal plus it costs nothing and you get a free £100 Amazon voucher. However, there are other online mortgage brokers available like Habito and Mortgage Gym, plus a few cons. In conclusion, the pros outweigh the cons, resulting in a GreatDealsMadeEasy Rating of 8/10 rating.
Grab a £100 Amazon bonus for joining Trussle
*If you get a mortgage via Trussle, use this code and we both get a £100 Amazon voucher (can’t complain). This blog post is not associated with Trussle.
Enjoy other joining bonuses
*Enjoy a free coffee, free beer and a free pizza on me with some free codes to enter.
*Earn an amazing £50 joining bonus with energy company Octopus Energy.
*Rent out your spare space with Stashbee and get £50.
*Grab a free share (up to the value of £200) when joining up to FreeTrade.
*Free £30 to hire people to help you out on PeoplePerHour
If you are keen on lowering your Broadband monthly contract, check out GreatDealsMadeEasy’s comparison sites for Broadband. For even more tips, read the top 20 saving tips for 2020. Other useful posts include how to start an emergency fund online in the UK, ideas on how to earn money from home in the UK, and a guide to ethical shopping in the UK.