A nice graph showing the downwards trend would be good, I’m assuming it pulls that historical data from the CRA so can update each month or so when it gets updated
I thought it took account of my overpayments on a monthly basis, but looking closer at the maths, I think it is just working it out from that original agreed payment
Which is wildly wrong and inaccurate. I think it’s risky Monzo showing it, it doesn’t take into account interest paid, or any changes I’m interest rates or fixed rates etc.
It’s too good.
Can we mandate for mortgage providers to share more details about mortgages to the credit agencies?
For example, credit cards have “promo/no promo rate” status codes i.e. on a deal / deal finishing / deal finished? Maybe the interest rate too, and overpayment buffer?
I guess as a general overview it’s helpful, but for it to work properly, it needs open banking, which just doesn’t really exist for mortgage products.
No! Not to credit agencies!
But I’m totally on board with open banking coming to mortgages with all that stuff included!
Or let me add some details myself. Like what my current rate is, when it expires, how much I pay a month.
Then when/if this information is available via other means update it automatically instead.
They probably already have all that data, they just don’t show it in a view on any of the apps
As Peter has said, manual accounts for savings would be awesome. Or using same / similar approach to those budgeting apps like Lumio where I can see Marcus, Crowdcube etc so that we’re getting closer to a net worth figure in Monzo. If you’re grabbing data from credit agencies, I’m assuming you could represent other loans in the same way? That would be cool too.
This is a great starting point.
I think as others have said would be good to link the payment from Monzo/connected accounts. I over pay, so would be good to include that. A graph would also be nice, but the progress bar works well.
It’s annoying that it’s not being updated on credit files very quickly. I’m at 42 days, and two payments have been made and not accounted for. Not a Monzo problem of course
This is cool. Two things that immediately stand out
I have too many cards to swipe across now, I don’t think the UI works anymore. Maybe the “zoomed out” view should be default
To be truly useful it needs to show me when my fix rate ends, if that’s possible, as I can view my mortgage payments atm via the data feeds as a Premium Customer
Bonus third thing, I think Monzo should be broken down into Assets - Current Account, Pots/Savings accounts and Liabilities - Flex, Credit Cards and Mortgages. This would work with the “zoomed out” view
Extra bonus fourth thing, a mortgage calculator would be cool so that I can see how changing term/interest rate affects how long it would take to pay off
They’re working on that!
I like this. The setup was super easy so kudos to that and it works as expected.
My only comment would be not too sure in the case of a mortgage how useful that percentage bar is.
This is pretty cool - will be curious to see how this changes in the app when I remortgage soon to a different provider
If you read the T&C’s for this mortgage view, it does mention something to do with this, so it might show up nearer the time along with suggestions of providers to use
Feedback given in-app.
As for posts here…
But then this beats the previous ‘This ’ - because you’re manually in control of the value in the manual account (no Zoopla/etc. link needed).
Same. A ‘Refresh’ icon/button that worked here would be 's () - my in-app feedback referred to this - auto-refresh every 30 days - or (even better) - be able to designate a mortgage transaction (payment) from a Monzo account which triggers a refresh of the connected Mortgage account a few days later. Sorted.
All feature-wishes aside, thank the Lord :
Thinking about it, if the trends data could let me know what changing my mortgage rate/term does to my left to spend that would be pretty neat. Also, I only own half of my mortgage so it would need to divide everything (payments/asset) by two
Ooh, financial modelling. Yes please!
So I initially thought this was a Monzo thing. But it’s the same with the other TransUnion apps (Credit Karma etc).
One other thing. Enabling it, for me at least, pushed it in front of the connected accounts on the Home Screen.
Would be good to be able to reorder it so it showed at the bottom since it’s the one I’m least likely to check.