"Trussle"

pmartin86

Anyone else seen the adverts for this? Looks like its a basic online mortgage broker, doesnt seem to do anything you can't do yourself, but mayube a useful tool to confirm your thinking if your lookin at a new/re mortgage?

https://trussle.com/

dunstonh

doesnt seem to do anything you can't do yourself,

You can argue that is the case for anything in life. DIY or use someone.

You only have to read this section regularly to see that there are plenty of times when a broker could have done a better job. However, if you are not pushing limits, have no issues and are reasonably sensible on your research and understand what you are doing then DIY is fine.

There are lots of brokers with a website. However, I did spot a regulatory issue on the Trussle website. They make a false claim. They claim they are FCA approved. The FCA does not approve any firm and firms are not allowed to make that sort of suggestion. They are FCA regulated (as are all mortgage brokers).

Their FAQ also contains incorrect information. They say "Like all brokers, we receive a fee from the lender for helping you secure a mortgage with them."

2 issues with that.
1 - They say there have no broker or hidden fees on their main page. But say they get that fee on their FAQ page. They say they are free. They say you shouldn't have to pay for advice. Yet the fee they receive is paying for the advice
2 - Fee only brokers rebate the proc fee and do not receive it personally (it either offsets the fee or is rebated in full). So, the claim "like all brokers" is not correct.

Surprised they made such basic errors.

pmartin86

All fair points - I wasn't intending to suggest that people DIY over a decent broker, or use that website over a ddecent broker, merely trying to get opinions as I've not really come accross any other "sites" that do the same - Maybe its the lack of me looking more than anything.

The technical points you brought up are interesting, espciealy as (in my limited TV viewing at least) they seem to be quite heavily advertised so one would assume they have decent backing behind them to pay for advertising, you would think that legal speak would be pretty tight.

dimbo61

Lots of money spent on advertising yet basic points made to look better than they are !
L and C mortgage broker are one of the big online brokers but lost all interest when I explained my situation when trying to get a new mortgage.
It's a bit like using a local firm of solicitors you can pop into the office if you have issues.