See your mortgage in Monzo 🏠 [Mortgage Referrals pilot live 🚀]

[Paulw (Paul)]

Is the overpayment calculator meant to be live for all? It’s not showing on my mortgage.

[Revels]

This is still really skewy for me

It says May is included, which means only June is missing, but then I don’t know why it’s so far out?

It’s nearly £3k out somehow

[hdwrng]

Our Paid Off total is £23k out

Is it only counting our personal contributions to the mortgage and not the joint? Mad if it is.

[16bitkieran (Kieran)]

I don’t think the figure includes interest?

[Revels]

I don’t pay a penny from my account and it all comes from the joint account, the bill isn’t split either, so no way Monzo could know what my contribution towards it is.

[EdSB (Ed Stuart-Bourne)]

I don’t think the figure includes interest?

Bingo - this number is how much of the balance of your mortgage you’ve paid off. The sum of your payments includes interest, so it’ll exceed this number.

For example, let’s say you had a £200k mortgage with a monthly payment of £800, and around £500 of that goes to interest. After 6 months you’d have made £4,800 of payments in total but your repayment progress would be £1,800, or just under 1% of your total mortgage.

We know this isn’t super clear though, so we’re working on a better measure of progress

[Revels]

Okay, so that makes sense, and I suppose interest isn’t being added to my total borrowed either, but I think it would be better to show both, so that those numbers match (or as close to as possible)

[HB (Harry)]

As promised - I’m back with a double update for your enjoyment! Remember to update to the latest version of the Monzo app

Feature 1 - deal reminders - available now to about 50% of users and we’ll roll out to everyone in the coming weeks

We’ve just launched a new feature to add more information about your current deal and set an (optional) reminder 1-6 months before the end of your deal.

As part of our broader ambitions to help you understand your mortgage better and to stay on top of a large financial outgoing, we want to make it easier for customers to see key information about their deal and crucially help people to unnecessarily slip onto their lender’s expensive Standard Variable Rate (SVR) - which has reached 8% for many lenders.

For the average customer, slipping onto your SVR for a month would add £500-650 to your current monthly payment and about £250 more than the 6% deals in the market - we want to help avoid that!

What’s new

• We’ve got a brand new timeline so you can see where you’re at on your mortgage journey
• Let us know how long your current deal lasts for and then either a) when your deal ends or b) we’ll help you work out your start date based on the information we can see
• Set a flexible reminder 1-6 months before the end date
• We’ll send you a reminder at the time you wanted - starting with a push notification and in-app reminder

[HB (Harry)]

For those of you who enjoy seeing behind the curtain, here’s a couple of extra points the team had to tackle
Long-time followers of this Community thread know that credit bureau and mortgage data isn’t as rich or complete as you may have come to expect from connecting other types of accounts. We don’t know definitively when your current mortgage deal started, just when the record began and we don’t know what type of deal you’re on.

As ever, we’re trying to cater to two camps - those who know all the finer details about their mortgage () and those who need some more help figuring that info out. One neat thing for those who want our help to estimate their deal end date:

• We ask your current deal length
• We then compare your credit bureau record start date to your deal length
• If you’ve got a long enough deal then we’ll suggest a start date, otherwise we’ll ask for you to provide this
• Example: Mortgage start date of June 2020 (at the bureau). If you say you’re on a 5 year deal, we’ll play back the June 2020 start date. If you’re on a 2 year deal, then you can provide the start date yourself.

Not all 2 years fixes are made equal - some are 24 months whilst others can be 29 months! This creates a challenge for our reminders, so we assume that they’re a round year - we think it is better that folks start looking earlier rather than later. Obviously, if you know your end date you can just tell us that instead

[HB (Harry)]

Feature 2 - interest rate calculator - available now to everyone!
We’ve just launched a quick and easy tool to see the impact of different interest rates on your monthly payment.

What’s new

• You’ll see a range of alternative interest rates and their monthly payments based on your current situation
• If you want to look a different rate (if you’ve seen something specific or fantasising about them going down) then you can tap that in too!

Again, as I mentioned with deal reminders, we think we can help people better understand their mortgage rather than being surprised by their annual mortgage statement or at the end of their deal.

It is pretty hard to escape all the media coverage about the new heights that mortgage rates are reaching right now so we want to help people understand the impact of different interest rates on their budget.

Even if you’re not about to remortgage (like I am…), it can be helpful to understand what would happen to your payments if these types of interest rates were around to stay.

[Chris_R (Chris Rimell)]

All these new features are welcomed, and pretty awesome considering the limited details available.

@HB

Feature 1 - deal reminders - available now to about 50% of users and we’ll roll out to everyone in the coming weeks

A couple of quirks for me:

• My mortgage started in 12th Oct 2018, term 11 years but with a fix for 10 years. Setting the deal as 10 years and with the start date of Oct 2018 puts the end to Oct 2028, but Halifax report the fix ends on 30th Nov 2028… I think this is because although the mortgage was set up in Oct, the first payment wasn’t until Nov.
• Because I’m making over payments, the end of the current deal is after you’ve estimated I’ll have finished paying it off
  
  

I know I’m in a lucky lucky position. Fixing at 2.69% was a good decision even at the time

[daniel (Daniel Chatfield)]

How do I see this on my account? Not appearing on latest app version

[Carlo1460]

@HB

available now to about 50% of users and we’ll roll out to everyone in the coming weeks

You’re in the other 50% I’d guess

[davidwalton (Award Winning Hot Coral Analyst)]

I’m in the other 50% too

[RichardL (Rich)]

Just as a bit of polish,

If you know the start date of my mortgage already, and on this first screen I enter 5 years, the second screen should have the start date + 5 years pre-selected. At the moment it just shows today plus two years.

Appreciate as you’ve said, deals aren’t always exact - but it feels like it would be helpful for this screen to be in the right ballpark automatically.

EDIT: Actually, thinking about this more, this might not be possible. Depends on what data you’re getting from the credit agencies and if the deal start date (not the mortgage start date) is available?

[HB (Harry)]

You’re right that this isn’t super easy as we only get partial data here!

@HB

We don’t know definitively when your current mortgage deal started, just when the record began and we don’t know what type of deal you’re on.

At a high level:

1. We ask everyone their current deal length
2. If you know your deal end, we let you put that in yourself as it will be most accurate
3. If you don’t know your deal end, then we’ll need use start date + deal length
4. We’ll look at your deal length and the start date on your record and see if it looks like it could be a sensible start date
5. If it looks sensible (e.g. you’ve got a 5 year fixed and we see the record began 3 years ago) then we show this to you to accept or change
6. If it doesn’t look sensible (e.g. you’ve got a 2 year fixed and we see the record began 5 years ago) then we will ask you to provide your start date!

This is a great example of something that took a lot of careful thinking for a surprisingly complex flow - but we wanted to make sure we help as many people set reminders irrespective of which data points they had to hand!

[16bitkieran (Kieran)]

?

[Revels]

Helpful and petrifying.

It’s got 4 years to come down!

[caribo]

@RichardL

start date of my mortgage already, and on this first screen I enter 5 years, the second screen should have the start date + 5 years pre-selected. At the moment it just shows today plus two years.

Appreciate as you’ve said, deals aren’t always exact - but it feels like it would be helpful for this screen to be in the right ballpark automatically.

Hi @HB , have you considered also displaying the impact of increased rates on mortgages that have a regular overpayment? i.e. the amount of capital repaid would be reduced and the mortgage would take longer to pay off …

[HB (Harry)]

We’ve given some of these things a bit of thought! There’s definitely some complexity trying to cater to a more advanced overpayment calculator, like:

• With higher rates, do you want to keep the regular overpayment the same?
• Do we show the impact of the change immediately or at a point in the future?
• What’s the impact on time to pay off, interest saved?
• How do we help you compare results?

None of these are insurmountable design challenges but one thing we’ve seen is that lots of people think about their mortgages in slightly different ways so it is a balance to build functionality. We do have some pretty cool exploration underway for future enhancements to our calcs though!

Side note: I think the time to repay with an overpayment under various interest rates doesn’t vary too much, at least compared to interest savings (assuming you’re overpaying to reduce balance, rather than term)