Mortgage brokers are still an essential part of the mortgage industry, and they’re making their way online with new digital services. There’s never been more demand for this type or service than now – but how do you know which one is right? Well luckily we’ve got your back!
In the past, we’ve compared Habito with L&C and Habito with Trussle, so it only made sense that we rounded out that shootout with a comparison between L&C and Trussle. All three services are well known by now with Habito and Trussle having launched roughly the same time in the 2010s. L&C is the grand daddy of the pack, having been around for much longer than both of those services.
So let’s dig in further and take a look at our list below to find out what makes each company stand apart.
Trussle vs L&C: A Quick Summary
- Both Trussle and L&C offer free mortgage lender finding services. They let you do quick online mortgage comparisons.
- Both services compare over 90 different lenders’ deals and mortgages.
- Both services make money through referrals, meaning they are invested in finding you the best deals.
- The online application process is simple, though some feel L&C may offer more support when getting started.
- L&C appears to be more flexible and confident with regard to complex mortgage queries, with competitive timescales for application processing.
- Both services support first-time buyers and remortgaging.
- Neither service will ask for credit details until you’re happy to proceed
- Both services are regulated by the FCA
- Both Trussle & L&C offer insurance services
What is Trussle?
Trussle provides an online mortgage brokerage service that you simply need to feed details into, and let their team handle the nitty-gritty of approaching lenders.
Trussle’s main ethos is making mortgages easier. They believe that applying for and paying for mortgages is needlessly complex and expensive, which is why their engine is one of the easiest to get into.
Offering 24 hour support, Trussle offers access to more than 12,000 different deals across 90 different lenders.
Authorised by the Financial Conduct Authority, Trussle works with household brands and names such as HSBC, Natwest, Virgin Money, Santander, Barclays and more.
How Does Trussle Work?
Trussle’s application system lets you fill in and submit all the details needed for your lender search as quickly as within 15 minutes. The Trussle team then looks carefully for a deal that fits what you’re searching for, and they aim to get back to you as soon as possible.
In fact, Trussle states that you can expect a response within four hours on average. Providing you complete all your details honestly, there should be no reason for this process to drag out.
Then, you’ll need to provide proof of ID and address, which the Trussle team will then check and consult you about within two days. This may take longer, however, if you need to provide clearer information or alternative documents.
You’ll then have the support of a case manager, who may check your credit file – after getting your permission to do so. They’ll run a soft credit check at the start of the process, meaning there’s no need to worry about your details right away.
At the end of the process, your case manager lets you know what you can expect from lenders, and the lender you choose runs a valuation, before sending you a final offer.
Is Trussle Efficient?
Trussle is notable for being one of the most efficient mortgage brokers of its kind. They’ll normally get back to you within four hours of submitting an application, and it won’t take more than a few minutes to fill out the necessary forms (and send documents).
Is Trussle Safe to Use?
Trussle proves itself to be one of the safest pairs of mortgage brokering hands on the web. They use bank-grade encryption to protect your data, and they won’t share your data unless you explicitly consent for them to do so. Therefore, it’s worth checking those tick boxes before you get too far into the process!
Trussle is FCA backed, and their team will always get in touch with you if they find deals or offers they feel are better suited to your situation. That means you don’t have to worry about being led up the garden path.
What Does Trussle Charge?
As a comparison engine, Trussle is completely free to get started with. Trussle only ever makes money through procuration and commission rates.
That said, Trussle does advise that – in some cases – they may have to charge fees if you apply with a low or problematic credit score. This is simply insurance on their part, but it’s worth accounting for just in case!
Trussle breaks down what they get paid in deal documentation you’ll receive along the way, so there’s always transparency.
What is L&C?
L&C is a long-standing mortgage broker, having been part of the mortgage comparison industry since 1987. Therefore, with over 30 years under its belt, it has considerably more time to build up a reputation with customers than Trussle. Beyond this, it has also had plenty of time to work with long-standing brands and services offering mortgage. L&C, much like Trussle, offers extensive customer service support, meaning that if you have any concerns about the way your comparison is going, you can raise them with a friendly member of the team whenever you desire.
Unlike Trussle, L&C has made the move into online broking from a completely offline standpoint. That makes it something of a different animal to the completely online service. However, they aim to offer the same services – to provide you with hundreds of options on house buying and remortgaging, as well as assistance with filling out some of the more awkward paperwork along the way. You can also call the team seven days a week for help.
How Does L&C Work?
L&C works in a similar fashion to Trussle in that, naturally, you will be asked for a few details at the point of application. Specifically, you will be required to truthfully provide details on your personal circumstances, your employment and anything deemed relevant from a financial standpoint. L&C has positioned itself as the ‘number one online mortgage broker’, and by this, they mean that they offer the most ease in application, as well as the most extensive support along the way.
Simply enter in your details or call a member of the L&C team during your application to start the process. From here, you’ll be given the opportunity to track your application online while deals are popping up. They will even provide you with your own account manager, meaning you will have someone you can come back to for dedicated advice as and when you require. That’s a nice touch.
Is L&C Safe?
L&C, is completely regulated and is therefore safe to use. Anyone worried about processing their financial data can rest easy in the knowledge that the broker brand is overseen by the Financial Conduct Authority. L&C makes things exceptionally clear to its users, meaning that in some ways it does adopt a traditional broking approach combined with an online platform.
Is L&C Quick?
A mortgage application will – sadly – take as long as it takes. However, L&C advises that processing time, once you’ve found a deal you like, will vary depending on the complexity of your application – sometimes as long as 40 days, or a month and a half. This does seem to compete well against Trussle. What’s more, their mortgage deal finding service is refreshingly quick, keeping up to step with the likes of Trussle who are hoping to lead the way on this front.
L&C, essentially, is as quick as any other when it comes to comparing mortgage deals, however, they do seem to offer a fair amount of confidence when it comes to actively securing an offer. Anything you agree to with L&C is completely ‘In Principle’, and once again, you’ll be able to read more about this process in the small print that comes provided. As simple and as trustworthy as L&C is, always make sure you read any terms or conditions you are agreeing to be bound to. It is just good practice.
What Are L&C’s Fees?
L&C offers completely free mortgage comparison. This means that they, too, will be paid on a commission basis. This should come as comforting news to most mortgage searchers, as it will mean that they are not in the process of handing out bad deals to their customers!
It can seem a little odd that this type of service, particularly given the level of customer care, can be offered up for free. However, this is clearly a testament to how dependable their mortgage finding skills actually are. Do you really need an algorithm to find the best deals around? Maybe not.
Trussle: Pros and Cons
On the face of it, Trussle is just as appealing as L&C, and for good reason. However, as we’ve seen, there are a few things that separate the two services, meaning it does pay to dig a little deeper. Here’s everything you need to know.
- Trussle compares more than 12,000 deals with more than 90 lenders
- Dedicated advisors and case managers
- Answers on average are available within four hours
- Will inform you if switching is worth it after you secure
- Encrypted data every step of the way
- £100 friend referral bonus available
- Reportedly linked to Zoopla
- May have to pay a fee if you have poor credit
- Doesn’t offer a full administration service at this time
L&C – Pros and Cons
L&C may have been around for longer than Trussle, but does it necessarily hold the edge?
- Time is on L&C’s side. They have been in the mortgage broking game since 1987, and are therefore experienced.
- They are a household name, meaning they may be seen as a safe choice for those familiar with the brand.
- The service compares over 90 different lenders online, with the added benefit that they already have a long-standing relationship with some of them.
- You have full support with your application from the very beginning, meaning any difficult or confusing paperwork has backup from trained and experienced mortgage experts.
- It’s completely free to use, and like Trussle, the brand is paid through commission via lenders.
- The mortgage finding process, and the deal processing service, appears to be very speedy compared to the wider competition.
- You can manage and monitor your application 24 hours a day through an online dashboard.
- You can call a member of the team seven days a week for support. You will also get a dedicated account manager who you can refer to at any time for bespoke help.
- L&C will not only let you buy mortgages and remortgage properties, but also offers life and home insurance options which you can add into your deal.
- Unlike Trussle, L&C doesn’t rely on algorithms to find its deals. This may be seen as a positive or a negative touch depending on how you feel re the whole process.
- It is a service which has migrated from offline to online – it doesn’t have the same start-up roots as Trussle, which may make it seem like a bit of a dinosaur to some people.
- There is less of a hands-off process here, with more of an emphasis on the human touch. This won’t appeal to everyone, especially those looking for an instant, digital platform.
- Despite its long-standing name, L&C appears to compare the same number of mortgage lenders as everyone else. There doesn’t seem to be any push for competitive edge in this regard.
What’s the Difference Between Online and Traditional Mortgage Brokers?
You may be wondering about the major differences between online and traditional mortgage brokers. Whether you’re getting a mortgage to buy your own home or as for an investment property, it’s important to know the difference!
Traditional mortgage brokers generally operate on the high street, normally out of a bank. While many people still trust traditional mortgage broking largely out of safety concerns, it is seen by many to be an outdated process.
However, plenty of services are moving online and some are moving to living just on your phone! Buying a mortgage online has less paperwork for you to handle, at least on the face of it. Online services also put advanced algorithms and programs to help match the best offering for the client. Therefore, homeowners can be given objectively unbiased rates and better deals to suit their finances.
That’s why many people are choosing to go online when it comes to comparing and contrasting mortgages or investing. While having the safety of a bank manager is tempting, you can get plenty more results, quicker, by using a web-based engine. However, your own tastes may vary.
Trussle vs L&C: Conclusion
We’ve seen in our other reviews on this subject that it can be difficult to really tease apart which services are best. Both Trussle and L&C are actually quite good and bring in a good degree of human touch. L&C is the slightly older operator in the mortgage space, however in this day and age, it may not necessarily be an advantage.
When it comes to getting mortgages, it’s important to get the one that has the lowest rate and also the least constraints on you as the borrower. Saving a few tents of a percentage on your mortgage can lead to big savings over the years, so my recommendation is to go to both providers. Let them fight it out for your business and see which one serves you the best!