Now in Labs: See your mortgage in Monzo 🏠

A brilliant addition. Great work Monzo team!

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Hey! Long time coming but I finally have an updated mortgage balance/monthly payment and it’s wrong :sob:.

It’s showing 1047 but my monthly repayment is actually 997. It’s taken the first two payments into account but not the third and am about to make a fourth (slow reporting I know).

I guess this is due to the first month where I had to pay off a product fee and it should fix itself eventually?

Nationwide doesn’t combine anything and has separate accounts and reports them individually. Very confusing as lots of lenders ask me why I have multiple properties when I do not.

Even if start/end terms and rates are the same, and address is too.

It should be common for staircased properties, anybody doing equity release, or further borrowing. At least with Nationwide.

Also, even when one does have two properties, LTV is usually considered across all of them even if remortgaging just one of them. Thus to me it would make sense to sum total equity and total ltv. Especially when there are multiple accounts. You want property estimation for a property and use that sans all mortgages as equity. Without doing it on per mortgage account basis, but the overall profile.

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We are slowly moving in the right direction! Every lender has their reporting quirks but generally speaking the first payment can be off and tends to resolve itself once you’re into normal monthly payments.

Fingers crossed the next update gets you to the right place otherwise it might be that your lender is reporting a slightly wrong figure :crossed_fingers:

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Interesting - I’ve heard of Coventry, Platform, and Nationwide so far - which is about 15% of UK mortgages, but don’t believe it is super widespread - but insight from the Community helps!

Generally speaking lenders are looking at the affordability of each property in a portfolio (at a stressed rate for rentals) more so than the LTV - that is normally implicit in the rate and therefore monthly payment someone is on.

Ultimately an aggregated total might be helpful for some folks (including even your homes without a mortgage! :bulb: ) but we’re a way off that!

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+1 for this.
@HB are you even able to quantify how many people adding a feature like this will benefit, so you know whether or not to build it?

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Feedback and comments are helpful that’s for sure!

In case you’re interested in how we would think about something like this… :point_down:

It certainly isn’t the easiest thing to size (it would be far easier if it was reported at the credit bureau!) so we can try to use a couple of points to triangulate:

  • The Government reports <400k homes were bought with Help to Buy from 2013 until its end in March 2023 and I would imagine that ~25%(?) are no longer on HtB - having paid off the equity loan or sold over that 10 year period
  • 26% of the 25m households in England were owned with a mortgage
  • Using the same data - 64% were owner-occupied, like Help to Buy
  • That makes 4.2m with a mortgage which are owner-occupied
  • Scale that up to the UK-level rather than England data: ~4.9m households

:envelope_with_arrow: So by my back of envelope maths - that’s probably going to be about 4-8% of UK owner-occupied households with a mortgage on Help to Buy still and then you could probably argue that Monzo customers were a little more likely to use the scheme.

We’ll be having a think about how we can support it and other schemes in a suitable way!

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Ha, if there’s anything I’ve learnt from your team over the last few months, it’s that there’s always a way to either get the data or get very close to it even if accurate reporting is lacking.

That’s interesting though, and seems to indicate that it’s not an insignificant number.

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Cute. :upside_down_face: The initial estimate for my property was WAAAAY over the top. It estimated a value of over £924k, on a purchase price of £250k in “Dec 2003”. Main problem here is the date - it was bought (the price is correct) in Oct 2006 - so don’t know where that comes from. I actually can’t find my property in the LR PPD.

If I correct the date I get a more realistic £591k, compared to Nationwide’s valuation (based on more precise local data [edit: and probably more importantly, property type/tenure]) of £562,317. I’ve gone with the latter which seems about right but I guess is within the margin of error based on not knowing condition, etc.

I came off a 5 year fixed rate interest only mortgage in 2011 and have been on Nationwide’s Base Mortgage Rate (BoE Base Rate +<=2%) ever since - there isn’t a way to express that in the Timeline or Current Deal, although it’s not really of much consequence. It would be helpful if the app could help me calculate the expected payment changes when the BoE rate changes - even if I have to type it in, Because Nationwide insist on sending it on paper and it can take three week!

It should probably give me increasingly dire warning about the fact I’ve done next to nothing abut repayments over the next few years too! Maybe I could tell it how long I have left on the current mortgage and it could help model some options for savings/overpayment/repayment.

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Hi Nick! Interesting - are you able to see a similar property that sold for £250k at the Land Registry on Oct 2006 - this may well have been a matching error as we looked for the most likely property where there were no other good matches.

For most properties, we tend to have tenure / property type - was this showing correctly even if for the wrong purchase date?

Have you tried our interest rate calculator to help you understand those changes? Appreciate it isn’t doing all the heavy-lifting by alerting you for when the Bank of England announces a change but it does at least give you a really quick result!

We’ve done some early exploration on this that I’m a fan of :slight_smile: we’re very conscious of trying not to bloat the experience and maintain the ease with which you can get insights today!

For a more accurate figure, could you run data analysis over customer accounts to see who had a Direct Debit to “Help To Buy” in the last couple of months (as we have got to pay monthly “interest” on the “loan” after about 5 years - so that’ll include about half of them)

Loving the new features!

Will the Monzo calculated house value update as properties are sold in the area or is it simply a one time calculation at the time of turning the feature on?

One-time currently but we are thinking about what some level of regular updates might look like and what it should contain!

What & how would you like to see this change?

I don’t think the value would typically change too much. I think house price indexes are updated quarterly by mortgage providers so perhaps in line with that?

Four potential updates a year and only when the value has changed?

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It would be great to get a quarterly update and also a message to say it’s been updated and it has increased by x or decreased by x or indeed to say if it has remained the same.

And perhaps later on an historic record of each update so we can see how it has changed over time (probably asking a lot!)

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are you able to see a similar property that sold for £250k at the Land Registry on Oct 2006

Ah right - yes, it matched the neighbouring (upstairs) flat in Dec 2003 instead - that makes sense.

For most properties, we tend to have tenure / property type - was this showing correctly even if for the wrong purchase date?

I don’t believe that showed in the flow

Have you tried our interest rate calculator

I’ve entered the rate of my current deal and it’s assumed it’s interest only - it is for me but if it wasn’t I see nowhere to tell it the remaining term. I guess in the current financial times an at-a-glance simple illustration of what a quarter or half point drop might mage would be handy and tell me how beholden I was to BoE fluctuations. Just a thought. But understand the need to keep it simple.

Not the deepest feedback of all time, but I was very surprised and impressed with quite how quick and slick the matching up and presentation was. Genuinely peak Monzo territory

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It’s roughly what Halifax is saying on their side. But more like what they were saying month or two ago before things started going down a bit.

I think getting the value from the land registry is good and very slick as mentioned, but after that I’m not sure doing anything else is of much use. Estimating my house has gone up £2k is so hit and miss, that small a % increase could be because my house smells good/bad when the agent visits.

You don’t know (and can’t possibly know) that we’ve spent close to £20k since we moved in and transformed the place. Or I could have spent £20k to have turned a 3 bed into an open plan upstairs 1 bed, painted every room black, concreted the garden and taken away the downstairs toilet to make space for a Monzo shrine. We might also be in an area with elite schools that didn’t fall, or might have new planned development that’s impacting houses down by 10%.

If house prices had moved 40% then you’re quite confident to predict that, but where it’s half a percent here or there, it really is a pure guessing game.

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And now we know what @Revels has done with their property since buying it.

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