Better is an alternative digital mortgage provider with the assertion it is making homeownership more affordable and accessible through its incentive of no origination fees, no commission and transparent pricing.
It launched in 2016 and completed $1bn (£721m) in lending by 2018. Better also offers home insurance and estate agency services.
Through the acquisition, Better will introduce Trussle to estate agencies, property developers and financial services companies and invest in customer origination.
The terms of the transaction have not been disclosed and the deal is still subject to regulatory approval in both the US and the UK.
Ian Larkin (pictured), chief executive of Trussle, will continue to lead the broker alongside the existing management team.
Vishal Garg, founder and CEO of Better, said: “Better eliminates the high financing costs, massive transactional friction, tyranny and mind-numbing bureaucracy that comes with getting a mortgage and buying a home in the UK via a high street bank.
“We researched the UK market and were surprised to see how we could make it so much better for consumers buying and financing a home for the first time. Making homeownership affordable and accessible for all customers is a key tenet of a well-functioning credit system and we are here to help grow Trussle and make it even better.”
Larkin added: “Better and Trussle were both founded on the understanding that consumers increasingly prefer to use online services to shop for and transact on major life purchases. It is 27 years since the World Wide Web was launched and most consumer industries have embraced it by now but the UK mortgage market is still characterised by analogue systems and processes. This market should not require consumers to apply for a mortgage five months before the end of the stamp duty holiday.
“We are very excited about becoming part of Better, and we are confident that Trussle’s future looks brighter than ever as part of a large and growing international organisation that shares our commitment to making homeownership more simple, fair and accessible for all.”
