Online mortgage adviser Trussle has launched a free service to automatically determine when borrowers are paying over the odds for their mortgage and help them switch products.
Founded by Ishaan Malhi, previously a mortgages analyst at Bank of America, and Jonathan Galore, a co-founder of automated investment service Wealthfront, the new venture is aiming to give borrowers peace of mind that they will never pay more than they should.
Directly targeting the £29bn financial black hole impacting UK homeowners, with a few basic details Trussle’s technology compares a borrower’s current mortgage against more than 10,000 others, instantly recommending if a user should switch and how much they could save.
The firm claimed unlike banks, comparison sites or advisers, it is ‘always-on’ to ensure borrowers are notified when a better deal is available, as well as managing the entire remortgage process for them.
Mr Malhi commented that homeowners in the UK are victims of an industry cluttered with conflicting information, archaic processes and advice that does not make any sense.
“Borrowers don’t want to be restricted to mortgages offered by a single bank, nor overwhelmed with thousands of different mortgages,” he added.