Hi everyone, Iām Harry and I work in the Borrowing team at Monzo and Iām here to give you an exciting Community exclusive:
Weāve just launched a new feature to allow you to see your mortgage in the Monzo app - now available in Labs for you to try!
Sounds interesting, tell me more:
There are over 90 mortgage lenders in the UK and this means that accessing even basic information about your mortgage isnāt always as easy as it should be.
It can be hard to take a more proactive approach to managing your mortgage if itās not where you manage the rest of your money.
You may need to remember the log-in details for a lender that you donāt use for anything else or even have to phone them up! So it can be tempting to just wait for your annual mortgage statement.
When paying off a mortgage can take as long as 40 years, and with 2 year fixed deals common, you could end up with 20 different mortgages over its lifetime and have to get to grips with all these different systems - we want to change that. Our mission is to make money work for everyone; we think giving folks visibility of the biggest financial commitment that they might ever make is a really important step towards that.
After you opt in, we fetch your mortgage details from your TransUnion credit file and show them in a new card in the app.
Youāll then see details of your mortgage(s) in the Monzo app, your balance, payment amount etc updated everyday.
Always check with your mortgage provider/lender for the most up to date figure if you need to make any decisions.
Why now?
As many of you will be aware, the cost of mortgages in the UK has soared in the last few months. Bringing visibility into the Monzo app is more important than ever.
While everyoneās preferences will differ, we believe that the days of āsetting and forgetting your mortgageā are over for the foreseeable future. As with all things at Monzo, we want to make it easier for you to get to grips with your finances. For many people, your mortgage is your largest single outgoing and the biggest investment youāll ever make.
We ran a hackathon at Monzo in August and this was one of the 30 or so ideas that was explored over 3 days. We were one of the winning groups!
How do I access it?
Weāve been talking to a small group of customers (like we always do) to better understand the most important information we should be showing and how to make the experience great.
Weāre now happy to roll this out for wider customer testing This is not the finished article, and as usual weāre getting new things to you before they are fully ready so we can improve them based on your feedback.
Hereās how to see your mortgage(s) in the Monzo app:
- If you havenāt already, visit Monzo Labs in the app - giving you access to our newest upgrades and coolest prototype features so you can give us feedback and help us build the bank you want.
- Go to the Account screen, then tap your name. Scroll down to āMonzo Labsā and toggle the āmortgage visibilityā feature on.
- Switch on the āSee your mortgage in Monzoā in Monzo Labs
- Access āSee mortgage in Monzoā on the Home tab in the āDo more with Monzoā section
- Follow the steps on-screen to get started! We donāt need any further information from you, youāll just need to review a few pages and give permission so we can fetch your data.
Feedback is a gift - let us know how this new feature works for you
Weāve made it easy for you to tell us what you think in the app, please spare a few minutes to let us know what you like, what you donāt and any suggestions you may have.
If something isnāt working, then you can report it in the feedback section under the āShare feedbackā section.
Whatās next?
Weāre hoping to make this available to all customers in the near future but we need your feedback to ensure that release is the best it can be!
If all goes to plan, this is just the start. Based on our research with customers, weāve got some great ideas on what to work on in 2023, but weād love to hear what youād like to see next to help you stay in control of your home finances!