Mortgages  

US-backed mortgage broker to hire 1,000 advisers by 2023

US-backed mortgage broker to hire 1,000 advisers by 2023

Trussle has committed to hiring 1,000 advisers throughout 2022, with 100 set to join by the end of this year.

The digital mortgage broker, which was acquired by stateside digital brokerage Better in July, intends to replicate the growth of its parent, which claims to have grown a team of 1,000 to a team of more than 8,000 during 2020.

Trussle said in a statement this hiring spree will make it one of “the largest brokers in the UK”, rivalling the likes of Connells Group - which boasts a national network of more than 1,000 mortgage consultants.

“Our ambition is to expand strategically and swiftly, replicating Better's model of growth and steadfast commitment to making homeownership more simple, fair and accessible for all,” said Trussle’s chief executive, Ian Larkin.

In 2020, Better claimed to fund $24.2bn (£17.9bn) in mortgage volumes and touted 490 per cent year-over-year growth between 2019 and 2020.

The US firm plans to become a publicly listed company in the last quarter of this year via a special purpose acquisition company merger expected to value it at around $7.7bn (£5.7bn).

As well as to replicate its US parent’s growth, Trussle requires more brokers to deliver on a new product promise to borrowers.

Under its ‘Mortgage Speed Promise’, announced earlier this month, Trussle ensures customers are offered mortgage advice within 24 hours of enquiring, and reach a mortgage decision within five days of this enquiry. If this isn’t delivered the borrower receives £100 from Trussle.

Banks currently delivering mortgage decisions in line with this tight timeline include Barclays, BM Solutions, Clydesdale, Halifax, HSBC, Godiva and Scottish Widows.

Founded in 2015, Trussle - which is a year older than its acquirer - provides advice to consumers looking to buy a home, refinance an existing mortgage, or buy protection. It works with around 90 lenders to close mortgages sourced via its platform.

In the 12 months to June 2021, the firm claims to have sourced around £1.1bn of mortgage approvals, 41 per cent of what it has sourced overall since 2015.

The digital broker landed £26.7m back in January 2020 from backers including Goldman Sachs and Finch Capital, but Financial Times sources suggest it was sold for just $9m (£6.5m).

Upon its acquisition, Better said it intended to boost Trussle’s revenue profile by developing a pipeline of business-to-business relationships with estate agencies, property developers and financial services companies.

It also said it would invest in customer acquisition, and drive attachment rates across product offerings, including insurance and conveyancing.

To draw in more mortgage brokers, Trussle has suggested amidst its recruitment drive that its “highest performing advisers” can earn “£100,000 or more”.

ruby.hinchliffe@ft.com