Trussle's Speed Promise
How does the Speed Promise work, why we're doing it, and full terms & conditions
What is the Speed Promise?
The Trussle Speed Promise is a service commitment to get you a great mortgage as quickly as possible.
We will try our best to give you personalised mortgage advice within 24 hours of you creating a Trussle profile and providing all of your details.
Usually we are a lot faster than 24 hours. In August, we sent out personalised advice in about 3 hours if you applied on a weekday, or 5 hours on weekends.
Your adviser will walk you through their recommended mortgage deal, and you can ask any questions about the mortgage process.
If you then decide to proceed with a full mortgage application with Trussle, we'll submit your application to your lender and get a decision within 5 days. If we don't do it in 5 days, we'll pay you £100.
The Speed Promise is an optional service, and only the fastest lenders are available.
If you tell your adviser that you're not interested in a quick mortgage decision, they will recommend a mortgage from our full panel of 90 lenders and 12,000 deals.
See below for the full terms and conditions.
Why are you doing it?
In October last year, the Conveyancing Association said the average time from from submission to approval was 45 days.
Back then, our average approval time was 24 days. We were already much faster than the market average. But, we knew from talking to customers and from having bought our own houses, 24 days is still an awfully long time to wait for a decision from your mortgage lender.
You're being hounded by the estate agent, the seller, the chain, removals companies, utilities providers... and you don't even know if the lender will approve your application or not! You might have to start all over again.
And so, here we are with the Trussle Speed Promise. We are giving homebuyers the certainty that they will get a decision within 5 days.
How are you doing it?
The only way to deliver a mortgage decision in 5 days is to work with mortgage lenders that can process your application within 5 days.
Mortgage lenders all have a very different way of handling mortgage applications. Some are very manual, with your details being scrutinised by dozens of people from multiple departments. Other lenders are much more efficient, with fewer people and more automation.
The end result is that some lenders are much faster at returning a decision. For example, based on our own data for August, Halifax approved mortgages in an average of 3 days. But for another high street lender the average was 13 days, and for another it was 17 days.
To provide the Speed Promise, Trussle will only recommend new mortgages from 6 lenders that are capable of reliably providing a decision within 5 days. This is based on Trussle's historic data for all the lenders that we work with.
The 6 lenders that are included in the Speed Promise are:
We want to add more lenders to this list over time. We are actively talking to lenders who are not on this list to find ways of reducing the time it takes to get a mortgage decision.
Further info about the Speed Promise Service Commitment
Read on for more details about how the Speed Promise Service Commitment works, how we'll pay you £100 if we don't get you a decision in 5 days, and the full terms and conditions of the service commitment.
That's totally fine! We have access to 12,000 mortgages from 90 lenders. Your Trussle adviser will not force you to choose the fastest lender. If you want the lowest rate or smallest monthly payment, your adviser will do their best to find the deal most suitable for you.
The 5 day speed promise is completely optional. When you create a Trussle profile, you'll be asked if you want to use it or not.
The homebuying process is full of uncertainty and unknowns. From estate agents, to lenders, to solicitors, to surveyors, to other sellers in the chain, to removals... everyone is working to their own schedule.
The mortgage approval process is one of the slower parts of the homebuying process. In August, before the Speed Promise launched, the average mortgage approval at Trussle took 13 days. Some approvals were faster, but some were much slower.
The Speed Promise will give you much more certainty that you will get a decision on your mortgage within 5 days, which will hopefully make the homebuying experience a bit less stressful.
We cannot promise that you will get approved for a mortgage in 5 days.
We are promising that we will submit your mortgage to the lender, and that you'll get a decision within 5 working days - or we will pay you £100.
Most mortgage applications are approved first time, but the final decision is up to the mortgage lender.
Yes! But there are a few conditions. Please see the full terms and conditions below.
Here are some of the main rules of the Speed Promise.
To be eligible for the Speed Promise you must:
Apply for a mortgage through Trussle
Pick a mortgage deal that is part of the Speed Promise (your adviser will make this clear to you)
Provide all the necessary documentation in a timely fashion (proof of income, identity, etc.)
You will not be eligible for the Speed Promise if:
The information you provide is inaccurate, or if your financial situation changes such that it impacts your ability to get a mortgage
You ask us to put your application on hold, or there is a delay in the valuation process initiated by you
You withdraw your application
If you apply for a mortgage that is part of Trussle's Speed Promise, the 5-day clock will start as soon as we submit your application to your lender.
If you don't receive a decision from the lender within 5 working days, and you're not ineligible for some reason (see the full terms below), then we will automatically pay you £100.
The money will be deposited straight into the bank account that you provided as part of the mortgage application. The money should arrive within 10 days. Contact us if you think you should've received £100 and it has been longer than 10 days.
In these Terms and Conditions, “we”, “us” and “our”, refer to Trussle Lab Ltd (“Trussle”) and “you”, “your” refers to our customers.
1. What is the 5 day Service Commitment?
1.1 The 5 day Service Commitment (“Service Commitment''), is a commitment from Trussle that you will receive a decision on your mortgage application by the Lender, within 5 working days from the point at which we submit your application to the Lender.
1.2 Trussle commits to working with all our customers to get the right mortgage for you. As part of our commitment, we want to give you the best possible service and we know that getting a mortgage decision can be a long, uncertain journey.
1.3 We are working with a selection of lenders who have previously shown they have great service levels for our customers, from the point of Trussle submitting your mortgage application to the Lender making a decision on it.
1.4 Importantly, to uphold this Service Commitment, there is a defined selection of lenders available to you.
1.5 We track the Lenders we work with to monitor the decision times closely. Only lenders that have demonstrated a reasonable ability to give customers a decision on their mortgage application within 5 working days are included in the Service Commitment we offer our customers.
1.6 Trussle reserves the right to change this panel of Lenders at any time to reflect the service offered.
2. What is a mortgage decision?
2.1 A “Decision” is the point at which a Lender provides written confirmation on the outcome of your application and whether they will lend to you, on the basis of the information we submit. This is different from the completion of your mortgage, which may take longer as that includes the conclusion of the full legal process related to your mortgage transaction.
3. How do I know when the Service Commitment starts and ends?
3.1 The ‘Service Commitment Start Date’ will be the first working day after your mortgage is submitted to the Lender, which is the first day that the Lender has to review your mortgage application.
3.2 You will receive notification from a Trussle representative once your application has been submitted to confirm the ‘Service Commitment Start Date’. If you do not receive a decision from a Lender before the week has ended, and you meet the Terms and Conditions of this Service Commitment, you will be eligible for the goodwill gesture of £100.
4. Can I transfer my existing mortgage with the lender I am currently with? (Remortgage customers only)
4.1 Yes. If the right option for you is to remain with your current lender and complete a product transfer, we will service this for you.
4.2. If you would like to have a product transfer, the lender you take your mortgage with does not need to be from the defined set of Lenders that are included in the Service Commitment as part of our general Terms of Business.
4.3. However, you will only be eligible for this Service Commitment if your lender is part of this Service Commitment, and the Terms and Conditions are met.
5. Is there a closing date?
5.1 No. Our Service Commitment could end at any time and remains at the discretion of Trussle.
6. Is this Service Commitment free?
6.1 Yes, the advice we give to our customers is free and the only costs you pay throughout the journey are fees that the Lenders charge directly to customers. This is all covered in our Terms of Business which you receive and is available on our website.
7. Am I eligible?
7.1 To be eligible for the Service Commitment, you must have completed the following steps with Trussle on or after 13 September 2021;
Received a recommendation through Trussle; and
Follow all processes as required by Trussle; and
Provided all requested documentation within 48 hours of each request; and
Submitted a mortgage application through Trussle with one of the Lenders included within the Service Commitment; and
The terms and conditions of this Service Commitment are met.
8. Restrictions and limitations
8.1 You are ineligible for the Service Commitment if;
You have already accepted a recommendation, or had a mortgage approved or submitted an application through Trussle prior to 13th September 2021, or;
You have received a mortgage recommendation through Trussle that you would like to apply for prior to 13th September 2021, or;
If the Service Commitment cannot be met for reasons outside of Trussle’s control, these include, but are not limited to:
There are changes to your credit profile, income, income source, or available assets, or additional information is provided that impacts your ability to qualify for the mortgage; or
If the information you have provided is inaccurate or the supporting documentation is not sufficient to evidence the information you have told us; or
At any stage you ask us to place an application on hold; or
There are delays due to the valuation process initiated by you, or a valuation dispute, force majeure events (including weather or natural disaster), improvements or repairs being made to the subject property, a setback on a new construction, or because items on the title report need to be removed or cleared; or
There are delays caused by third parties. (You remain eligible for the guarantee if there are delays caused by Trussle affiliated companies); or
If you withdraw your application prior to the Service Commitment Target Date.
9. Can I receive the £100 more than once?
9.1 No. Only one goodwill payment will be due per eligible application, regardless of the number of applicants under any specific application.
10. How do I receive the £100 if your Service Commitment isn’t met?
10.1 The £100 goodwill gesture will be sent to you directly by bank transfer using the bank details you provided as part of your mortgage application to Trussle.
10.2 This will be sent when it is confirmed that you are eligible to receive the goodwill payment.
10.3 We will do this within 10 working days after you complete your mortgage if the Terms and Conditions have been met.
11. Limitation of legal responsibility
11.1 Trussle accepts no legal responsibility for any use of the Service Commitment which breaches these terms or Trussle’s Terms of Business here.
12. Applicable law
12.1 These terms and any dispute (including any non-contractual dispute) or claim coming out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.
13. Changes to this agreement
13.1 Trussle Lab Ltd reserves the right to modify or discontinue promotions and guarantees at any time without notice. Terms are subject to change at any time without notice, continued use of the Trussle website means you accept the agreement in force at that time and are subject to the non-exclusive jurisdiction of the courts of England and Wales.
14. Additional Information
14.1 For any decision made on the eligibility of the goodwill gesture, our decision is final on;
The Service Commitment Target Date
Whether the Terms and Conditions have been met
14.2 We will not be obliged to honour this Service Commitment during periods where circumstances have arisen which are outside of our control and which affect our ability to process mortgage applications (for example fire, flood, failure of telecommunication networks or any restrictions relating to the protection of public health and safety).
14.3 We have a right to exclude any applications from this Service Commitment if we reasonably suspect that it is in breach or abuse of these Terms and Conditions.
15. Contact us
15.1 To contact us with ideas, suggestions, or issues with our Service Commitment, please email [email protected] or your adviser.
15.2 If you’d like to opt out of Trussle marketing services and communications, you can do so by emailing [email protected].
These terms and conditions were last updated in September 2021.
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Your home could be repossessed if you don't keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Terms and conditions apply for Trussle's Speed Promise.
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Important info & marketing claims
You may have to pay an early repayment charge to your existing lender if you remortgage. Your savings will depend on personal circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The remortgage savings figure is from Trussle customers who have remortgaged with us over the past 12 months. Read more on our marketing claims page.
Terms and conditions apply for the Trussle Speed Promise.
Most mortgage brokers charge around £500 for their services, according to the Money Advice Service, which means you could save £500 by using a free mortgage broker like Trussle.
Average mortgage decision and approval times are based on Trussle's historic data for lenders that we submit applications to.