Banking challenger Revolut has today joined forces with the UK’s first online mortgage broker Trussle to give users direct access to its mortgage broking service, which searches thousands of products from over 90 lenders to find the most suitable deal for a borrower.
Revolut, launched 18 months ago, allows users to set up a current account in 60 seconds, exchange currencies at the interbank exchange rate, transfer in 23 currencies to any bank in the world, and spend fee-free in 120 currencies with a contactless MasterCard. Having launched instant credit last month, this is another step from Revolut towards expanding its financial service offering through partnering with innovative fintech firms.
This partnership will mean Revolut customers can access Trussle’s mortgage broking service via the home screen of the Revolut app before searching and applying for the most suitable mortgage deal for their circumstances, entirely online, removing the hassle of a traditionally phone and paper-based process.
Whether a first-time buyer or an existing homeowner, Trussle’s technology-led mortgage service has been designed to enable home hunters to find out what they could afford to borrow in just 60 seconds, and receive a printable Mortgage in Principle in less than five minutes.
As well as managing Revolut users’ mortgage application from start to finish, once a mortgage has been secured, Trussle will automatically monitor the mortgage and provide alerts when it makes sense to switch to a more suitable deal. The integration of the two platforms means that customers will be sent notifications via the Revolut app, alerting them when a better value deal is available.
With more than three million mortgage borrowers in the UK on a Standard Variable Rate paying an average of £3,500 a year above the best fixed rate deal, it is hoped this partnership will make it easier for thousands more to switch and save enough to achieve full financial independence.
Revolut users can access the free service via the app and, as an added incentive to accelerate the partnership, basic Revolut users will receive a £50 reward into their account for each mortgage transaction submitted, whilst premium Revolut users will receive £125 - paid directly into their Revolut account.
Nikolay Storonsky, CEO and Founder of Revolut said:
“This partnership is yet another example of Revolut offering a real alternative to traditional banks, and we’re delighted to partner with Trussle to provide our users across the UK with a pain-free way to find, secure and manage their mortgage.”
Ishaan Malhi, CEO and founder of Trussle said:
“We’re delighted to partner with Revolut who, like us, believe that technology can be used to drastically improve the financial well-being of millions of people. From today, Revolut customers will be able to manage their mortgage commitments seamlessly through one app, knowing that they’ll always be on the most suitable mortgage deal for them.”