Why we’re fighting for fairer mortgages


I'm proud to publish the Trussle Manifesto and state our mission as a company: Fighting For Fairer Mortgages.

The first time I tried to get a mortgage, I was left frustrated and confused. I’m not the only one. I founded Trussle to take on the industry, and make it work for the homeowner.

I’d left my salaried job to follow my dreams. Now self-employed, working with early-stage tech companies, I saw how technology can transform people’s lives.

Itching to get onto the housing ladder, I tried to get a mortgage. Shouldn’t be hard, right? After all, that salaried job was at an investment bank working on - you guessed it - mortgages. My finances were in good shape. I knew what I was doing.

But banks and brokers had other ideas. Now that I was self-employed, I needed double the deposit. And that’s if the banks didn’t shut the door in my face. I wasted hundreds of pounds learning nothing from brokers.

My life choices had turned me into some risk-laden monster: same person, similar income, but now - a big pile of hassle. Hard work. The lenders have an easy, money-spinning business checking payslips and turning them into securitised loans. Why should they bother with someone like me?

The industry is letting us all down

This is madness. The salaried have their income assessed on three months’ payslips. For the self-employed, it’s two or more years’ tax returns. What if you’d taken unpaid leave to look after a sick relative? Gone on maternity leave, retired, suffered an income-affecting injury?

Life happens, but the banks don’t care. You’re a different set of numbers now, and there’s nothing you can do about it.

It gets worse. Our research shows that two million people are trapped in costly Standard Variable Rates (SVRs) - unjustified rate hikes that kick in when the fixed term of your mortgage runs out. These people are overpaying their banks by an average of £4,500, every year. That’s almost £10 billion a year that banks are collecting unnecessarily.

It’s time for fairer mortgages

You deserve better. Trussle is here to stand up for homeowners, not the big banks.

I’m determined that all our customers should be on the most suitable deal, and never have to face an alarming rate hike. We’ve built our technology and processes to ensure this.

I’m determined that the industry should change, and put customers first. Starting with the Mortgage Switch Guarantee, which we’re lobbying government and the regulator to adopt.

And I’m determined that no-one is left out. So we’re designing new products specifically for groups like the self-employed and those with low incomes.

Owning a home should mean security, roots, a place to build a family. But so much of homeownership is hard work. We want to be your partner from the moment you start looking for a home, to the time you connect the broadband. Always on your side.

I urge you to join the fight. Together, we can make a difference. We’re fighting for fairer mortgages.

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