Anyone applied for mortgage 'full Monzo'?


(Andy Hughes) #21

We just remortgaged from Halifax to Santander with no problems whatsoever and I’m full-monzo. No issues even with using the generated bank statements :ok_hand:


(Jack B) #22

Hi,

Sorry if this has been answered previously!

I am looking to go full Monzo moving from Santander however I also want to get a mortgage in the next two years.

Has anyone else applied for a mortgage while being full Monzo? & did it affect things at all?

thanks in advance!


(Jack) #23

Hi @jackbailley ,

I’ve moved your post here to join an ongoing discussion regarding full monzo and mortgage.

Hope that’s ok, feel free to read what’s already been discussed :slight_smile:


((╯°□°)╯︵ ┻━┻) #24

If it helps ease your concerns - as a more recent testimonial - I was full Monzo and used to be with with Santander.

I have just had a mortgage approved and supplying statements was a doddle. You can use the in-app exporter, so I just emailed the generated PDF for them to print and add to my application.


(Jack B) #25

Thanks for your quick response and sorry for posting in the world place @Jackcrwhitney!

@Ordog That’s great to hear - how have you found paying cash in? The charge is something that put me off doing it sooner but I’ve decided to bite the bullet.

With regards to the mortgage was there any questions regarding why you use monzo etc?


((╯°□°)╯︵ ┻━┻) #26

It’s not an issue for me because I don’t use cash much anyway, other than for the pub. If I have cash I generally just use it for full or partial payments then use my card for the remainder. There’s always the weekly grocery shop that is good for offloading cash :smiley:

Nope :slight_smile: I wouldn’t expect that question to be asked even if I was with a high street bank (other than to upsell and convert me to using theirs). All they required was the last 3 months of statements which is quick and simple to do in app. So depending on when you apply for your mortgage, if you’re new to Monzo you might need to request 2 months from Santander and then 1 month from Monzo.


(Toby Toller) #27

No issues for me, applied for a mortgage with Nationwide in July and completed in September. Monzo bank statements accepted and no questions whatsoever - why would there be!

Although full Monzo I still retained my old HSBC account for this single purpose. All they ever see is a brief glimpse of cash (only xmas/bday presents etc) paid in before it flies off to Monzo!


(Toby Toller) #28

On a different note - I can’t wait for someone to disrupt the process of buying/selling a property.

The mortgage side was fairly simple and I’ve seen a lot of innovation with people like Habito on that side of things.

The back and forth between solicitors waiting for certain documents and arranging searches is probably the most archaic process I’ve encountered and needs to change…


#29

I have to say, Habito completed my application very fast. Atom bank received my mortgage application on a Monday, Atom valued the property Tuesday and Atom issued the Mortgage Offer on Wednesday. 3 days from start to finish.

The problem is the solicitors.

It’s almost 2 months since Atom offered me my mortgage and it is still dragging on. We need to shake up solicitors too!


(Toby Toller) #30

That’s exactly what I mean - the mortgage process is fine - the solicitors make it painful!

The amount of chasing up you have to do to make anything actually move on for the fee they charge is farcical.


((╯°□°)╯︵ ┻━┻) #31

I couldn’t agree more.

My solicitor fees are fixed so I assume that for this reason they make it a low priority and focus predominantly on hourly paid work. Their generic response whenever chasing any progress is “I’ve written to XX a couple of times but not had any response yet”… WRITTEN??? I’m not surprised it’s taking this long if you’re writing to people via snail mail in this day and age :triumph:


(Toby Toller) #32

Even worse is the fact so much of it copy & pasted - not just emails to clients but in the actual documentation and the language used is ridiculous.

I loved it when Monzo launched their Ts&Cs and highlighted how none of the over the top legal language is necessary.

Sentences like “Rent is a peppercorn if demanded” :unamused:

I dream of something like Farewill where it draws it all up automatically and then gets checked within 24hrs afterwards. I know that’s grossly simplified, and the main hold up as you say is the back and forth - use of post - and that neither buyers/sellers solicitors have any sense of urgency.


(Craig) #33

Hey!

I have been full Monzo since around September 2017, I kept my Lloyds account active, but it has had minimal cash flow since (mainly used for paying in cheques and depositing cash). I got a mortgage around 2 months ago with no issues what so ever.

My mortgage advisor did comment on the 20+ pages of transactions for each month though, thanks Coin Jar! :smiley:


((╯°□°)╯︵ ┻━┻) #34

:rofl::rofl::rofl::rofl::rofl: