Thatās what I had. Just deleted and readded and itās as it should be now
Someone else has already posted todayās update image, but thereās definitely something behind it 
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Iām enjoying the interest this has generated! The new look (we call it a āFocus Viewā internally) gives a fresh update to our product that is a little more modular and of course helps the rest of Monzo in its plan to retire the olā carousel 
Some of you may have seen this new look over the last two weeks as we tested it to make sure everything worked as we expected!
Sometimes it is good to underpromise and overdeliver 
Iāll be back here tomorrow with our favourite feature since we first launched! Youāll need to be on 5.42 on the normal app to access!
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I almost wish I hadnāt paid off my mortgage a few months ago, just so I could see this feature. Sorry young peopleā¦
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I would be bitter, but thatās the first time someone has referred to me as young in a long time!
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New feature - see your property equity in Monzo! 
Seeing a large, negative mortgage balance in your day-to-day banking can be jarring when youāre just trying to make sure that youāve got enough money in your account to split your dinner bill!
It also only shows one part of the equation. For many people in the UK, the equity in their home represents a significant part of the savings / net worth - but becomes largely invisible once youāve bought. Not only is that disheartening but it also means that you can be left in the dark about your situation when it becomes time to find a new dealā¦
What weāve launched:
Our new property equity feature aims to address this by finding your property purchase information and estimating your homeās current value to calculate the equity youāve built up in your home. If you donāt agree with our estimate, you can of course choose your own!
We also offer a quick personalised explainer on what impacts your equity and explaining your current loan-to-value and why it matters (hint: it is the main thing that impacts what rates youāll get when you remortgage!)
The part Iām most excited about is that we also help you to understand whether youāll unlock cheaper rates (at a new LTV band) by the time your deal is up. In the future, we think it would be great if we could give insight on what overpayments would get you there!
How to get it:
- Update your app to 5.42
- Connect your mortgage if youāve not already done so
- Go to your mortgage and tap Get started toā¦ get started! (it should be available to everyone over the next few hours)
As ever, feedback here or directly via the feedback form in our part of the app is greatly appreciated. Weāve got a couple of areas that we want to keep improving but your ideas are also welcome!
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As ever - I like to offer you a peak behind the curtain on what weāve done!
- Weāve downloaded data from the Land Registry all the way back to 1995 - the Land Reg are the official data source for property transactions in England and Wales
- With the purchase date, price and property type - we then combine it with the Office for National Statistics House Price Index (ONS HPI) which is based on actual sales for your propertyās local area
- This gives us an estimated current property value, which you can change
- We then calculate your equity and combine with our other features (deal reminders & your estimated term) to predict if youāre likely to reach new loan-to-value bands by the time you deal is up
What isnāt covered at the moment:
- Transaction data for Scotland and Northern Ireland
- Scotlandās Land Information Service (ScotLIS) is a slightly more challenging data source to work with and Northern Ireland doesnāt have a digital source for us to use
- We do get the House Price Index info for the whole of the UK though!
- If youāve made substantial renovations since purchasing - then it wonāt be reflected in any of the house price index info
- Regular house price updates (think monthly or quarterly) - what would you expect to see here if we did expand to this?
- We know the data from Land Registry can be a bit funky if youāve got a shared ownership property and we donāt have any specific Help to Buy flows
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This is great - really looking forward to using it when it switches on. Really love the thought that has gone into reframing what many people just view as a debt! It is depressing just looking at how much is left, but LTV info is really useful when in the run-up to remortgaging. Great work 
I also like the idea of giving an indication of how much more you could overpay to move to a different LTV bracket. For some people, it could be as little as Ā£10 a month or something like that, but it ends up making a big difference.
āSwitch it onā¦ switch it onā¦ switch it onā¦ā 
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Weāll offer your Monzo address as the default one but you can of course choose a different one for each mortgage however you like!
Your main Monzo address on your account is unaffected 
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You should be fine on TestFlight but just shout if youāre having any issues!
This is awesome.
Two quick thingsā¦
- Is a nice image/editor for the image coming, as I like whatās in the screenshots youāve added.
- I did a quick comparison to the HelloHome function on the Halifax app. They use the Halifax House Price Index to estimate property value. As such the two estimates of my property value are Ā£35,793 apart, with the Monzo one being the higher one. Have you got a feeling for the accuracy of either method?
[Edit: As an aside, Halifaxās HelloHome giveās a % of the mortgage paid off rather than the % of equity]
Iām on the current Testflight - should I be able to see this already or did you mean it takes a while to update for everyone over the next few hours?
I checked this earlier, but it wasnāt on for me then. Iāve just poked it again, and there it is!
It looks great. I very much like the general layout, and the equity and LTV numbers are really useful to see.
Feedbackā¦
Iād love to see (quarterly?) updates on the estimated value of the house. Without them, the data will get steadily less and less meaningful, and if someone is on, say a 5 year deal, then over the course of that, the value, and thus equity, and thus LTV, will probably change quite a lot.
Also, I would suggest putting a tick-mark on the arc at the point of the next LTV target (and maybe the previous one, to show the size of the current zone), it might help people see how close they are to the next boundary in a more graphical way.
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In answer to this, I think it would be good to see the price being updated as new data becomes available. Iām not sure how you could show āprogressā through because I think it would be meaningless for me personally to see a comparison between say last quarters data and this quarters data. Maybe a nice dismissable notification on the homescreen to prompt āweāve updated your estimated home value based on xyz and we now think your LTV is xx.x%ā?
1 Like
How about if the start of the arc was, maybe, blue for value increase, then green for amount paid off, then empty for the remaining loan amount.
That way youād be able to see the progress of the green portion growing as you paid it off, but also how the overall equity was increasing (hopefully!) as the price rose and your LTV percentage decreased.
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Good idea - maybe put a Google/Apple Maps image of the chosen address into that graphic placeholder? (manually editable of course)
This is coming soon! We canāt wait to release it 
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This is great. Iāve got access and checked the details are all good. Now hereās the testā¦
I remortgaged last month as my last 2-year fixed came to an end in September. But Iāve remortgaged with the same provider and it appears the mortgage account number is the same - although my monthly payments have reduced. Monzo shows the Monthly payment and Interest Rate from the now-expired mortgage. So if I leave it for a couple of weeks, will Monzo correct itself with regard to the new mortgage? Letās see!
From what Iāve see (my deal is variable rate, so recentlyā¦ LOTS of changes), Monzo pick up the latest payment reported by the lender through TransUnion, and use that as the contractual payment going forwards, so it should update in the app about 4-6 weeks after your next payment date (because lenders donāt do anything quickly).
One of my mortgages does not have price information available, so I am prompted to enter the original purchase price and the date the property was bought.
When entering the date (Jan 1992) I get the āSomethingās gone wrong. please try again in a few minutesā messageā¦
Edit: Any date before 1995 generates the above errorā¦ 1995 and after is okayā¦