Online mortgage broker Trussle has revealed a ‘Mortgage Speed Promise’, offering customers advice within 24 hours and a decision within five days.
Trussle’s internal data for mortgage applications submitted in August 2021 found that some high street lenders are taking 15 days or more to process applications.
The Trussle Mortgage Speed Promise aims to not only offer customers greater speed for a decision, but also certainty.
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The broker said that due to current inconsistency in the market, it will only work with the UK’s fastest lenders to deliver on its five-day service commitment.
At launch, nine lenders will be part of the promise, including Halifax, HSBC, Barclays and Clydesdale.
Alongside this, Trussle is working with a range of lenders to improve their approval times and include them in the promise at a later date.
Applicants will not be required to submit further documentation beyond what is currently required for a mortgage application, and a range of mortgage products will be available, including high loan-to-value (LTV), buy to let and remortgages.
Any eligible customer who does not receive a decision within five days will receive £100 in compensation.
Ian Larkin, CEO at Trussle, said: Buying a new home should be an exciting time, and so it’s such a shame that it’s considered one of the most stressful processes in life.
“Trussle was created to make mortgage applications easier and now we want to give our customers the certainty they desperately need at a very early stage in the process.
“By using technology and automation to cut out needless hassle, we can give our customers decisions in days not weeks, without compromising on service, to hopefully bring some of that excitement back to buying a home.”