Trussle are the UK’s first online mortgage broker, have just raised £4.5m in a Series A and have an exclusive partnership with the FTSE listed property search giant Zoopla. So they are doing well for a two year old startup 🙂
As often it’s the old-fashioned and unsexy stuff that is ripe for disruption. In the case of mortgage advice though there is another astounding nanny state regulatory change that has made it even more important to have a low cost Fintech solution.
In essence (FCA summary here) in the UK if you want to keep certain legal protections (not defined but being able to complain about mis-selling appears to be one) you must take mortgage advice :-! And this advice can be quite expensive as we shall hear.
And if you want to talk about a world orientated around the 0.1% (corrupt state?) if you are part of the 0.1% – then like taxes you don’t need to bother! Golly gosh. And if you think I exaggerate check out the FCA’s webpage in re.
So can Fintech ride to the rescue?
Well apparently it can, although what is defined as “advice” is very fluid in a world spanning old-fashioned advice and more automated Fintechs. In LFP069 we discussed advice on your asset side of the balance sheet. In this context LFP070 is about advice on the liabilities side of your balance sheet.
Trussle’s strapline is:
The hassle-free way to get a mortgage online. We search more than 11,000 deals from 90 lenders to find the perfect mortgage for you.
Not only that but you can enter your mortgage details at the moment and they will monitor all those deals on an ongoing basis and let you know
All this and more is discussed on the show, including: Continue reading