I was a first time buyer last year and my mortgage is the biggest amount of credit I’ll ever see myself incurring. I’m very much interested in what action I have taken, or could take in future, to reduce the balance and any interest charges.
I’ve been making reasonable (but not massive) overpayments each month but I have no idea how much this has saved me in potential future interest and a shortening of the mortgage term (all things being equal).
Going forward, I don’t know what impact reducing my overpayments or increasing them will have (ie. Is the benefit so small I’d be better doing something else?).
I would, somehow, absolutely love to see both historical impact of overpayments (‘you have overpaid £x which has caused you mortgage term to decrease by y months and have saved £z interest), and something where you have the ability to model future overpayments e.g. a slider with [£25] increments which adjusts the gradient on a graph (current vs revised mortgage term) and quantifies the impact.
Once I did something similar with my student loan and it really helped me understand the impact of making additional payments over and above the salary deduction (but within my means) and I paid it off so much faster.
May wel be in the ‘too hard box’ but would love to see this!
Without knowing any specific numbers/rates, you can be safe in the knowledge that any overpayments will save you A LOT of money over the whole term (making sure you don’t incur any extra charges!)
I don’t make overpayments currently as I’m still doing the house up, but as a rule I always ensure I ‘overpay’ the amount of the mortgage arrangement charge at the start of the term, so I’m not accruing interest on it.
I’ll answer this for the mortgages part (although a similar model we’re not looking at the other connected accounts with our work at the moment!)
Shorter term: We’ve got “short names” and logos for ~ 22 lenders which popped up during our staff testing phase - which we manually categorised once we saw how the lender names were defined in the TransUnion API.
We’ll likely do another batch of the new lenders folks have connected in Labs to give it some extra polish!
Longer term: All the feedback on the Community (and via the app) has been super helpful - it will help us to think about the best way to personalise things visually as well as the data!
As you can imagine, we’d like to try to align as much of this “top level” data with the great progress being made over at App Evolution!
Yeah but I’m ok with this. I’ve just taken out a mortgage… 12 monthly payments x 25 years = 300 payments. So if it’s one or two payments outs, it’s still accurate to within about 0.5%. As you get closer to paying it off, that error will become more significant, but I still think it’s a nice addition.
I have a mortgage with Barclays that came with a “reserve” account which allows for extra borrowing. This shows as a separate mortgage account with a zero borrowing and zero balance on my credit report… Maybe something similar?
It matches your details against what TransUnion hold, quickest and easiest way to check that they hold is to sign up to Credit Karma if you don’t already. It’s free, don’t bother with any paid services if it asks / prompts. Once you’ve got access, check your credit file to see what it holds. They use TransUnion data so you’ll be able to see what Monzo sees.
If however you can’t find another mortgage under your details, then report it to Monzo as feedback to staff can check to see why it’s pulling something else.
Thanks for your help… I signed up to CreditKarma and it showed me everything I needed to know.
Is there a way to get stuff removed from it? As it seems they’ve incorporated my twin brother’s information into my credit score. (This sort of thing happens to us all the time… back in the day, at university he got double the student loan paid into his account and I got none ).