Trussle brings the Mortgage Switch Guarantee to parliament


In November 2018, a cross-party group of MPs called the Treasury Select Committee launched the Consumers’ Access To Financial Services inquiry.

The inquiry looks at whether certain groups of consumers are excluded from financial services, with a particular focus on society’s most vulnerable.

At Trussle, we’ve long been campaigning to make mortgages affordable and accessible for everyone. So we’ve been following the inquiry with interest.

As part of the inquiry, interested parties are invited to submit written evidence to inform their investigation.

We’re pleased to say that we’ve formally submitted evidence to the Committee, and we’d like to share our submission with you.

Trussle’s submission to the Treasury Select Committee

Our submission zooms in on the two million mortgage holders who collectively lose out on £9 billion a year because they’ve lapsed onto their lender’s high-interest Standard Variable Rate (SVR) following the end of their introductory deal.

We explain that there are a number of vulnerable groups amongst these two million people including those of retirement age, those with lower qualifications, and those on lower incomes.


We also show how there are many obstacles in the way that negatively impact all mortgage holders. One of the key challenges is the way mortgage deals are presented.

Borrowers are put on the back foot right from the outset as they begin researching their options, due to the inconsistent way that mortgage deals are displayed.

The focus is also often on the interest rate, which we’ve previously shown doesn’t indicate the true cost of the deal over the initial period.

Not only is this a frustrating experience for the borrower, but the lack of transparency appears to have discouraged some people from shopping around to find the most suitable deal for them when it’s time to remortgage.

We see regional differences when we break this down further and look across the UK.


Taking on a mortgage is the most important financial decision that the majority of people will make throughout the course of their life.

Mortgage switching needs to take place within a transparent framework that seeks to ensure the best interests of consumers are protected.

That’s why our suggestion for the Treasury Select Committee is to back the Mortgage Switch Guarantee which calls for a commitment from lenders to:

  1. Contact borrowers electronically and by post, three months before their initial rate period ends.

  2. Give borrowers online access to key mortgage information.

  3. Show the true cost of the deal’s initial rate period.

Read the full consultation response here.

Share this page on: Twitter Facebook

Get the right mortgage for you

And save up to £290 per month

Individual savings may vary depending on personal circumstances.