Thanks for the detailed response. Itās really heartening to know that you are giving this so much thought. The recent changes are great in providing a better understanding of how my mortgage is looking, but there is also a lot more that could be done.
The credit bureau figures are 1 or 2 months outdated so forecasting todayās (and future) value would be amazing ā¦
A visualisation would really bring this home for meā¦ the timeline is ok, but I would find a chart of some sort much more informativeā¦
Is there a way we can edit the starting mortgage amount? Monzo is out by a few thousand, but I think thatās possibly because I overpaid from the very beginning.
Hi Shelly (and welcome!) - thereās no way currently to manually edit the starting balance.
Did you add any of the mortgage product fees on top at the outset? This can sometimes account for part of the difference even if folks donāt consider that as the mortgage borrowing.
To understand better, are you looking for the ability to edit so that the numbers look ācleanerā, to improve the progress estimate, or something else?
Weāve got some changes on the way that rethink how we showcase progress!
Iāve been back playing with this part of the app again, particularly the interest calculator which has been really useful!
If rates were to stick around where they are now, weād need to find another Ā£600 per month vs where we are now.
Ultimately it wonāt be an issue since our little one will be out of childcare by then and thatās like paying for a second mortgage in itself, but we still want to gradually ramp up our payments.
With that in mind, Iāve stuck a recurring event in my calendar to increase our repayments by Ā£50 every 3 months.
Currently it ends when our deal ends, but overpaying our mortgage was always the plan, so hopefully salary increases will mean we can continue beyond the end of our current deal term - but thatās really getting into crystal ball territory.
Will have to see how this works out as rates may well go up further or even come down a bit, but as one of my old teachers used to say, if you fail to plan, then you plan to fail.
I think similarly to others, my only issue with this feature is the data is inaccurate.
I understand why it is inaccurate but itās still annoying non the less.
It would be really nice for me to be able to manually update the monthly payment for instance. Itās obviously not zero and I know what it is but itās frustrating not to be able to override it.
Hey Chris! Now that is interesting - is it a relatively new mortgage (or anything that might make it less common (like interest only, multiple parts)?
Generally speaking weāve seen that monthly payment value to be pretty reliable (although we donāt get pence, only Ā£s) except where a few lenders bundle some forms of overpayments in the monthly payment, so it might be that HSBC isnāt correctly reporting your mortgage to TransUnion.
You can see what they hold by requesting your statutory credit report here - Get Your Statutory Credit Report. I presume it is showing a Ā£0 monthly payment?
Yeap itās a mortgage taken out two months ago. Iāve since made one payment and am very close to making my second. I can see on TransUnion that itās showing the incorrect balance e.g. itās not including my payment from last month (the first payment for this mortgage).
This is why I mentioned it would be good for me to be able to manually update these values. Otherwise it seems that due to HSBCs reporting this feature will always be a month or two behind and therefore the value will always be wrong
There is generally a 4-6 week lag in reporting so the chances are the figures will be wrong. Personally I would be happy to see the forecasted figure based on my stated monthly payment or burn down rateā¦ Monzo makes forecasts for āleft to spendā , so this wouldnāt b so much differentā¦
OK - my assumption here is that you probably should see your mortgage payment updated to reflect the correct monthly payment once your second payment lands (especially if your first monthly payment was different - that might be how HSBC handles it).
Would you mind letting me know if thatās the case once your second update hits? As @caribo mentioned, that normally takes a month or two as we wait for HSBC to compile at the end of the month and send over to TransUnion to process - not as quick as youāre used to with Monzo!
Iāve got you at the top of my list already if we launch this functionality! Thereās two buckets of things to consider:
How might we show progress for things yet to happen? (like recent contractual payments)
It feels a bit more of a power feature for those looking for a view of ānet worthā and a bit of a UX challenge, but not insurmountable. It would make the updated balance closer to what youād see on your lenderās platform but still not match up exactlyā¦ so doesnāt a feel universally better option .
What data do we believe customers can change and what impact does that have?
The backbone of our data is using balance history and monthly payments to forecast the pay-down of the mortgage. Meanwhile we donāt get an interest rate from TransUnion (although we estimate one in the background) so we believe it is reasonable to ask if folks want to give a specific value.
That feels less clear for monthly payment because:
Should we use a user-provided value for all our calculations? What if they get it wrong and it completely throws off results?
What if we see the monthly payment change in the background? E.g. your rate has gone up or your term has changed?
Weāve got some really cool stuff underway which we think has more value for everyone but in the meantime Iām certainly open to discussion of an elegant way to handle this!
I donāt know about others but you know how much my mortgage is, you know my ālatestā balance, you know my contractual monthly payment, you know my monthly over payment and you know my interest rate. So unless something has changed in the last few weeks the estimated balance will be pretty accurate. The occasional lump sum payment will be an issue, but I will know about it and I will know it will be corrected in under 6 weeksā¦
I would think that it you take outliers out of the payment history the underlying trend would be fairly consistent too? Or is this being too optimistic?
Admitted, how you show it, and how people perceive it is a challengeā¦ I anticipate seeing a burn down chart , a bit like the trends spending charts with future estimates over a period of time (maybe 12 months?)
It isnāt often these days that I get the opportunity to give you an update before you folks talk about it first!
Over the next couple of weeks - you should see the new way to view your mortgage roll out (we call these a Focus View in Monzo-speak). Youāll now access on the āHomeā tab
As most of you will have seen, many teams have been hard at work changing how the app is structured to better support all the other use cases weāve built over time - like seeing your mortgage!
As well as being cleaner visually, it should help us to be more dynamic in how we show you tools, content and insights!
Good spot - this is going to come in soon, alongside a very exciting new feature! Mark your calendars for early October!
I got the message to view my mortgage in focus view, which I now can. I dismissed that card in the carousel, but I can also still see the mortgage in the carousel @HB
Also, am I right that youāve dropped the progress bar? Not showing up on mine in focus
The question is how much do I want to be the first to break the news on the next feature? (thanks for humouring me!)
Correct - we think thereās a better way forward rather than relying on the credit report data as we do todayā¦ For instance, Iāve just gone through a remortgage and it went back down to 0%, having been at ~15% with my old lender!
@Yulia - forgive my bad design skills so that we can keep the suspense a little while longer
Ahhh, so is this why mine no longer shows the Halifax logo on the home screen custom images I had wondered about that
Can my progress bar be a rainbow, so when itās complete Iāll own my own rainbow
Even if thatās not an accurate image, exciting
Also intrigued if Iāll be able to go back in time and set the mortgage value from 2005, since Iāve remortgages twice for different values as you say itās not an accurate picture of the value, only the latest mortgage taken out
Thereās two buckets of things to consider:
Mark your calendars for early October!
(thanks for humouring me!)
custom images 
I had wondered about that
