Acquiring mortgages, loans and other banking products with other banks

(Phil) #1

To begin, the idea of Mondo/[future name?] is wonderful to me!
The detail of budgeting, money management, data, stats, forecasting, etc. is very exciting. I want all of it. And having just got my card last week, and with the banking licence news, I’m watching closely as it all unfolds.

My main concerns at this point revolve around financial products such as mortgages (and loans). I don’t know a great deal about these, but within 3-5 yrs I hope to be going down this route. My question is will I be able to provide all the necessary financial detail and history required for mortgage applications to satisfy current brokers’ and lenders’ requirements with a Mondo current account?

(Hugo Cornejo) #2

Short answer: Yes :slight_smile:

Long answer: Not only the Mondo current account will have the same amount of detail than any other bank to apply for financial products but, hopefully, will be much better than that.

I can see a future where you’ll have access to a financial marketplace (third parties expert in mortgages, for example) totally integrated with Mondo. So you will easily check different providers and have the chance to accept deals right inside the app. Think about it like “add-ons” that you can include to your account. It’s a long road ahead but considering your “3-5 yrs” window… I’ll keep my fingers crossed.

(Alex Sherwood) #4

Following on from @hugo’s comment, the alternative approach to enabling you to buy these products from other providers, which Tom described in this video, is to enable you to grant temporary access to your account’s data to those providers so that they can do the assessment and figure out which products to offer & which products you’re eligible to sign up for, while you’re on their site.

To add some extra context, Tom also talked about wanting to focus on current accounts, rather than offering a broad range of products at first so to be on the safe side, it’s probably a good idea to assume that :mondo: won’t be providing you the mortgages / credit cards, within the time frame that you’re looking at.

(Phil) #5

@alexs I gathered those details, which is why I’m focusing on how it will affect getting these products from other financial providers. Presumably Mondo will talk to credit reference agencies to provide a snapshot of your eligibility.

The other side of this is whether all (any) banks will be able to access the Mondo account, like connecting to Facebook/Google - via APIs etc within a ‘near future’ timeline.

So will it hinder future lending prospects with other banks?? How will I be affected by transferring a few hundred/thousand ££ each month to Mondo for my transactions until they become a bank?

(Alex Sherwood) #6

Just to be clear, @hugo would have to let you know which will come first (the in app offers or sharing the data via API), whether the solution Tom described is still in the roadmap & is so, which will come first. I haven’t seen this detailed elsewhere.

You’ll only be doing this for the next 6 months / 1 year and then the current acconts will be available but I don’t know whether or not this will have an impact, I suppose it will depend on the provider’s criteria at the time.