See your mortgage in Monzo šŸ  [Mortgage Referrals pilot live šŸš€]

Making Monzo Monzo Labs
495

Hi @Hel44! :wave: Interesting, normally we see the interest rate calculator as being almost identical to other calculators

The two most obvious culprits are:

  • If your current interest rate is entered incorrectly in the ā€œCurrent dealā€ section - we can estimate this for you or you can provide it yourself
  • If the ā€œTimelineā€ section has a very different term for ā€œMortgage paid off in ā€¦ XX yearsā€ than the term youā€™ve been putting into interest rate calculators - we use information from your credit report to estimate this. It could be off off if it is a very recent mortgage with a larger first monthā€™s payment
496

Not the biggest thing in the world but thereā€™s a fix in place for any issues like ā€œyorkā€ waiting to be approved first thing tomorrow morning! :running_man: :dash:

2 Likes
497

Clicking the how we estimate link on my 1997 mortgage gives an error. My newer 2017 mortgage is okay.

BTW , How can I amend the purchase price if I entered it incorrectly?

Screenshot_2024-01-09-23-40-26-89_64638c91a44bdb2920ddb1ddf2703bba
Screenshot_2024-01-09-23-40-26-89_64638c91a44bdb2920ddb1ddf2703bba1080Ɨ2412 93.2 KB

498

Gotcha - thereā€™s some of the dynamic content on that screen about location, purchase date, property type that needs to be in place to successfully load, so weā€™ve just got a little unpicking on which properties are missing that!

Remove the property (not the mortgage) via the menu is the easiest way. The main thing you can amend on the fly is the valuation :smile:

1 Like
499

Seeing how much has been paid off is so demoralising :sob:

1 Like
500

Home value is nice idea but as one of my friends pointed that itā€™s linked to a mortgage.
So,

  1. what happens when your mortgage is paid off
  2. what if you donā€™t have a mortgage (never had a mortgage) - apparently he sold his old property and moved into a smaller home and therefore didnā€™t need a mortgage.

Is it still possible to get home value added to the Monzo account?

6 Likes
502

This has definitely been discussed by us as a team (thereā€™s a reasonable number of customers who own a property without a mortgage) and weā€™ve got some provisional ideas on how to remove the baked-in requirement to also have a mortgage.

Thereā€™s a broader design question for us to consider what should we show you if thereā€™s no need for a mortgage timeline or mortgage toolsā€¦ and how would you find it if you donā€™t have a mortgage to start with :slight_smile: Iā€™d like to think that weā€™ll address later this year but a couple of other things on our to-do list to tackle first :1st_place_medal:

5 Likes
503

Exactly - the monthly payment should update with that new monthā€™s payment and you can edit the interest rate & other deal information before then!

1 Like
506

Exactly!

1 Like
507

It sounds like thereā€™s a few things at play:

  • Your property might not be visible at the Land Registry yet (I wonder if you can see it at the price paid data set - Iā€™d only enter postcode with spaces, it is a little flakyā€¦)
  • I think thereā€™s something else going on the 100% equityā€¦ can I DM you for your Monzo email address and weā€™ll do a little digging? :spades:
508

@HB I think mine might be broken too. The property value shows as going up by 0.9% but the equity looks to be off.

IMG_0233
IMG_02331284Ɨ997 102 KB

510

I got my property purchase price wrong, can I change it? (It hasnā€™t updated for Monzo to pick up the value, so I did it manually)

512

That cost me make-believe value :rofl:

1 Like
513

We think weā€™ve found the culprit (@michaelw90) with some funkiness that sees a very small number of mortgages that seem to show with a Ā£0 balance very briefly at or near the start of the entry on the credit report that causes this :roll_eyes:

I want us to do a bit more digging to see if thereā€™s some less obvious variants of this before we put a fix in :wrench:

This is the great thing about the Community, when dealing with many(!) thousands of mortgages and 100 different mortgage lenders(!), thereā€™s edge cases galore that can be really hard to spot in advance - so thank you as always for the feedback! :pray:

13 Likes
517

Yours should be fixed - fancy checking for me?

@RichardL - Iā€™m hoping yours is too :slight_smile:

2 Likes
519

Not just yet. I still see the same equity figures as before. I can try removing and re-adding if you think thatā€™s a good idea?

520

Iā€™ve dropped you a DM, letā€™s get you sorted too :slight_smile:

3 Likes
522

Monzo are advertising being able to analyse your mortgage but when I try to set it up, it is showing that I dont have a mortgage. I raised a query with Transunion about why my mortgage doesnt show and looks like the mostly likely reason is that they donā€™t partner with my mortgage provider. Does Monzo only use Transunion? Why not Experian?

523

Most banking apps use TransUnion for these integrations. NatWest/RBS and Lloyds/Halifax use TransUnion for their credit score features and other credit report products, as does MoneySuperMarket. Probably to do with the cost of the partnerships.

The more surprising aspect is probably the mortgage provider that doesnā€™t report to TransUnion.

3 Likes
524

@AlanDoe can this go to the mortgage topic where feedback can be given/taken on board?

:pray:t3:

2 Likes