Hi everyone! I’m Laura, a product designer on the Borrowing team at Monzo, and I’ve got something exciting to share with you all – a special Community exclusive!
We’ve launched estimated mortgage rates 
We first introduced our interest rates calculator to help you see how different rates can affect your monthly mortgage payments. Now, we’ve made it even better!
We know that many homeowners start thinking about mortgage interest rates well ahead of their current deal expiry. We also know that showing lots of numbers in a comparison table can feel overwhelming. Instead, we want to help you understand the typical rates you may be eligible for, without all the confusion!
Now, thanks to our Estimated Mortgage Rate tool, you can get a live estimation of the rates you might be offered in the current market if you were to remortgage. We think this is an easier way to help you understand the impact of rates on your financial situation, rather than showing lots of different rates in a comparison table, which can sometimes be overwhelming, rather than helpful!
These rates are based on customers in similar situations as you, who have recently remortgaged with Better.co.uk (our online broker partner).
How it works
Our new feature provides you with estimated interest rates for your mortgage, personalised to your situation. The estimates are based on your current mortgage information, which you can easily edit. Whether you’re looking to move from a 2-year rate to a 5-year rate, or you want to adjust other preferences, our calculator has you covered. We’ve partnered with Better.co.uk, who work with over 100 lenders in the UK market covering 1000s of deals, ensuring you get accurate and up-to-date rates.
What are the benefits of using this feature?
- Stay updated on the latest market rates
- Understand the impact of these rates on your monthly payments
- Access to a detailed calculation showing the difference in monthly payments
- Understand your current loan to value band, and whether there is an opportunity for you to reach a new band (and get even better rates)
How to get it:
- Make sure you’re on the latest version of the Monzo app
- Go to your plus menu, tap See current mortgage rates to try the experience!
Eligibility
You currently need to have a mortgage to see estimated mortgage rates. We’ll also be launching this to anyone who doesn’t have a mortgage soon!
Please note that while we strive to provide the most accurate estimates, market changes are unpredictable. You can talk to a broker (whether that’s Better.co.uk or someone else) or your lender if you want to understand your eligibility or find the mortgage that’s right for you.
Got questions or feedback? Drop them below!
