Mortgage Monitor by Trussle

Get an alert when it's time to switch mortgage deal 🇬🇧

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Trussle's mortgage monitor is a free service that compares your current mortgage with thousands of deals on the market every day. If it calculates that savings could be made by switching to a new deal, you'll instantly receive an email alert. Should you wish to remortgage, Trussle will guide you through the process completely online.

Reviews

  • Robin Klein
    Robin KleinRobin Klein, LocalGlobe
    Pros: 

    Brilliant service. Simple process

    Cons: 

    None

    Significant savings to be had

    Robin Klein has used this product for one year.
  • Pros: 

    Seamless process, Easy to use, accurate

    Cons: 

    None

    I liked that it estimated my early repayment charges based on lender and took that into account

    Jonathan Galore has used this product for one month.

Discussion

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Ishaan Malhi
Ishaan MalhiMakerHiring@ishaanmalhi · Founder, CEO of Trussle
Hi everyone. Great to see our service ‘hunted’ today! I’m the founder of Trussle and wanted to give some context around why we developed our free monitoring service. At Trussle we believe that everyone should love their journey of owning a home. Unfortunately two million of the UK’s mortgage holders overpay an average of £4,800 per year because they didn’t switch at the end of their initial mortgage term (eg. a 2-year fixed deal). Lapsing onto a lender's higher-interest Standard Variable Rate costs almost £10 billion every year to UK home owners. We built this service to help you avoid lapsing onto your lender's SVR and ensure you’re always on the right deal for you. I’d love to hear your feedback and a few of the Trussle team will be around today to answer any questions.
Nicholas Katz
Nicholas Katz@nicholas_katz
Love it - such a great feature - Trussle is a killer product and I know the team personally too, great to see you guys continue to innovate in a space that desperately needs it!
Oli West
Oli WestMakerHiring@oli_west
@nicholas_katz Thanks Nick! Really excited to share it with the PH community :)
kieran lynch
kieran lynch@kieran_lynch_ · Product owner @ high street FS provider
I literally don’t see the point in this in terms of customer value. All mortgage lenders inform borrowers their deals are ending beforehand already.
Oli West
Oli WestMakerHiring@oli_west
@kieran_lynch_ Hi Kieran. Thanks for the comment. This is true to an extent. The big difference is that your lender will only notify you when you're nearing the end of your deal. But sometimes you can save money by switching mid-deal. Our service has been built to take into account all fees, incentives, and (importantly) any early repayment charge. When we were testing the service, two of our team members found that they could save by switching despite not being near the end of their deal! Another key difference is that, depending on lender, you may be informed as little as a month in advance. That gives you very little time to look into your options and go through the remortgage process. We know from some of our customers that they've been pushed onto their lender's SVR simply because they got round to switching too late. On average, being on your lender's SVR costs around £360 per month in extra interest so it's worth looking into your options early. Finally, you'll almost always receive lender communication in the form of a letter. This is fine if you check your mail every day, but less so if - like me - you check once a week because you live in a flat and the mailbox is on the other side of the building. That's why we think an email is much more useful. Hope that explains the value proposition a bit more clearly :)
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