Pay any bank/provider Mortgage off quicker

(Jamie) #1

Here is the concept. One day all of us will debt at some point of our lives, which started the last financial crisis and created this wonderful bank called :mondo:.

I have accounts with Crowdfunding providers for savings, capital one for my credit card, and a possible mortgage provider. Being able to view their balance, and next payment amount without having to search for customer ref numbers etc to pay the next bill on Mondo’s app would be amazing. A game changer infact. This could be done with the use of API’s or login details of the bank/credit provider. This app here does this ->

Years ago there was a company that scottish widows owned called ‘One bank’ it offered something which the barclays woolwich mortgage has. use your savings to offset interest to pay it off quicker. Here’s a video of what i mean.
Offset Explained

But what if AMAZING MONDO could help you pay ANY mortgage off quicker? Think of it like this if i hit well below my spending for that week (say £35 out of £70) including any preset savings i want to save (say £20), it will pay the £25 i’ve leftover via bank transfer to any mortgage you own.

If that bank/provider has a minimum amount you can pay, that it is set aside and automatically paid to that Mortgage provider. How cool is that!

(tom) #2

Yeah, a really cool idea - definitely something we want to do in future.

We’ll aim to give Mondonauts visibility over their entire financial life, not just the money held in Mondo. And I think there are some really neat tools we can build to help people pay down a mortgage or build up an ISA, for example.