Online broker makes move
Written by Mark Evans
Online mortgage broker Trussle has opened up its pioneering mortgage monitoring service to mortgage borrowers.
The service monitors over 11,000 deals across the market, compares these with the borrower’s current deal every day, taking into account fees, incentives, and any applicable Early Repayment Charge (ERC). If it calculates that savings could be made by switching to a new deal, Trussle will automatically alert the borrower and guide them through an online remortgage process.
Switching inertia is a major issue in the mortgage sector, so the service has been designed to prevent mortgage borrowers from unintentionally slipping onto their lender's Standard Variable Rate (SVR).
All Trussle’s existing customers have been automatically registered to the free monitoring service.
Trussle is backed by investors including Orange Growth Capital, LocalGlobe, Ed Wray (founder of Betfair), Ian Hogarth (founder of Songkick), Seedcamp, and Zoopla Property Group.