Online mortgage broker Trussle is working on its open banking capabilities to quicken the mortgage process, Dilpreet Bhagrath, product liaison at Trussle has revealed.
She said borrowers typically spend 20 minutes creating a profile on its site and then have the option of a live chat, email or phone call with advisers. Borrowers can now phone or email advisers on Sundays from 9-5 too.
Bhagrath said: “We’re working towards making the whole process online and more instant. For us to be able to do that we’re to looking at open banking and other technology coming through because in the financial industry it’s all dependent on each other.
“If we can get open banking to the level we want it to be people would be able to click a few buttons on their phone and they wouldn’t have to provide us with documents like proof of income or bank statements. We’d do that and quickly get a mortgage offer.
“I think it will definitely happen, it’s just a matter of when. It’s something we’re moving towards. I’ve been at Trussle just under year and a half and there’s a huge difference now even to when I first joined.
“We’re always trying to find ways to save time for the customer and adviser because if we can cut things out of the process and automate bits then we can spend more time advising and helping customers.”
There’s many online brokers entering the market such as MortgageGym and Habito but Bhagrath just sees this as good news.
She said: “It’s great because it shows there is a gap in the market.
“Often people throw out names of other online brokers to me and say there’s ‘another competitor’ but I get excited because it’s another business that’s trying to break the mould and help bring about a more efficient process.”
Bhagrath said that Trussle helps the self-employed and those with adverse credit the most because if someone has credit issues they may worry about talking to people face to face about it.
She added: “We recently received a trust pilot that reinforced this. A client wrote they never would have got a remortgage if not for Trussle.
“They said they’re sensible but had credit problems so felt too embarrassed to go somewhere and discuss it face-to-face so and felt much more comfortable online.”