Online mortgage broker Trussle has formed a partnership giving a challenger bank’s customers direct access to its products.
The partnership means Revolut customers are now able to access Trussle’s mortgage broking service via the home screen of the bank’s app before searching and applying for the most suitable mortgage deal for their circumstances.
Launched 18 months ago, Revolut allows users to set up a current account in 60 seconds and provides access to a range of banking services.
The partnership with Trussle, an online broker that enables borrowers to obtain a printable 'mortgage in principle' in less than five minutes, marks the latest step in the challenger bank’s expansion strategy, which involves teaming up with innovative fintech firms to expand its offering.
As well as managing Revolut users’ mortgage application from start to finish, Trussle will continue to monitor the product and provide alerts when it makes sense to switch to a more suitable deal.
Ishaan Malhi, chief executive and founder of Trussle, said: “We’re delighted to partner with Revolut who, like us, believe that technology can be used to drastically improve the financial well-being of millions of people.
“Revolut customers will be able to manage their mortgage commitments seamlessly through one app, knowing that they’ll always be on the most suitable mortgage deal for them.”
Stuart Gregory, managing director at Lentune Mortgage Consultancy in Hampshire, said the fintech innovations transforming the industry could benefit the whole sector.
“I think overall any sort of onward development in the market has to be welcomed,” he continued. “I think it comes down to the client’s personal preference.
“If you can streamline things, it may help us. If it makes the traditional sourcing systems invest more in making their technology more accurate, and if the providers of those services put the pressure on lenders to improve as well, it will make everyone up their game and the end result is positive for clients.
“In terms of exclusive arrangements, that is not a lot different to what some lenders have at the moment where they trial certain rates – if they are going from residential to buy-to-let, they will normally ask larger brokerages to test it out for them.
“But [online brokers] have got to back up their sales pitch with a reality – that is the word of caution. Let’s see some stats in a year’s time and see how many customers say it is a positive experience.”
simon.allin@ft.com
