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I noticed today that the estimated value in the mortgage calculator is different for me and my partner. We have a joint mortgage on our flat and both have the exact same details entered into the mortgage tool on Monzo, but for some reason the estimated home value is Ā£4,000 higher for me than it is for herā€¦

Any thoughts on whatā€™s going on here? Surely if itā€™s the same mortgage product from the same lender, reported to the same credit agencies at the same times for one property, it should be identical for both of us? :thinking:

This has happened for me too. My app shows the value as being lower than my partners. I thought it might just be updating at different times but I canā€™t see in the app when the next update is, so Iā€™m not sure.

Hi @tomerlandsen, as @Paulw mentioned - I think this is probably a timings issue more than anything else - as we donā€™t refresh everyoneā€™s data at the same time!

You could disconnect the both mortgages entirely which would force us to pull the latest data for both but you might not think this this is worthwhile :slightly_smiling_face:

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Thanks Harry for the update. Iā€™m happy to wait. Out of interest, what is the refresh time on the data?

Lender data can be a bit variable (weā€™ve done our best to predict it) but generally is every month but can swing by a week or two later it seems.

House price data we have to download manually each month but weā€™re set to see check for updates according to their release schedule from the ONS and then aim to update it before the end of that same month but normally quite a bit faster :slight_smile:

We donā€™t notify you every time it is updated (periodically instead) but weā€™re certainly thinking a bit how we can make things a little more engaging and generating some interesting insights along the way!

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For those of you asking about whether we changed the logic (sorry for the belated reply!) around house price values - we havenā€™t!

At the back of my mind is exploring whether thereā€™s some ways to make it a little more robust and less volatile month to month! But effectively, we create a personalised house price index for your home based on:

  • ONS house price data
  • Divided the UK into ~300 localities
  • What type of property you have (based on the Land Registry entry we gathered - e.g. flat/maisonette, terraced house)
  • When you bought it, indexed forward to the latest data we have
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Iā€™m one of those people with my mortgage split in two parts so the LTV is off.

In the process of remortgaging at the moment and taking a bit of money out and Iā€™ve been advised that Iā€™ll have three parts now :sweat_smile:

Is it possible in the app to see what data the estimate is based on - i.e. how current it is? I donā€™t see this information on the ā€˜Home value and equityā€™ help screen and it would be useful to be able to check.

Anyone else having a problem with the ā€˜See progress over timeā€™ section under Tools and Insights? Iā€™ve tried a few times and get a ā€˜Sorry about thisā€™ message.

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Working OK here (:android:)

Not working for me either. There has been an issue for the last couple of weeks where progress over time was showing the wrong value for amount paid off compared to the main mortgage page. Basically it didnā€™t update this month when the main page did, it was still showing last monthsā€™ value. Now Iā€™m getting the same error as you.

Thanks for flagging folks!

A change we made didnā€™t roll out as we would normally expect and caused the erroring! Weā€™ve rolled it back and will launch it again (this time working!)

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Thanks. Iā€™m no longer getting the error but my amount paid off on the progress screen is still showing last monthā€™s value even though the amount paid off updated from my provider on the main mortgage paid 2 weeks ago. Surely they should always show the same value?

Thanks for the update. Makes sense. Look forward to seeing future updates around the house prices.

Surprised that this does not seem to have been mentioned in (m)any topics today


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(Can move these if this feature gets its own dedicated topic)

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Got rolled out a while ago. But only shows to people when approaching the end of their term

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I think they might have changed that as I can see the Better information and I have 4 years to go on my mortgage.

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Hey everyone, Iā€™m Peter from the Homeownership team :wave:t2:

We know that some people can often end up with an additional extra mortgage on the same property when they borrow more to do home improvements, or when they move home and take their existing mortgage with them (ā€™portingā€™) but need to borrow more to complete the purchase.

To date, Homeowners in the Monzo app havenā€™t been able to see a ā€˜unifiedā€™ view of multiple mortgages (and equity). That is, we havenā€™t been able to recognise when more than one mortgage is connected to a single property.

We know this has been a frustration! In fact, making this work has been the number one request from customers. Well, Iā€™m excited to let you know that weā€™ve been working hard on thisā€¦

ā€¦and this is now live in the app! :tada:

Youā€™ll now see the correct equity and Loan to Value (LTV) for your home within any mortgages linked to the same address, and weā€™ve added a new Mortgages row that shows each related mortgage when tapped. Weā€™ve also updated all of the calculations in the See progress over time screen and the Overpayment Calculator to take into account all of the mortgages for the same property.

If youā€™ve previously connected your mortgages to the same property - you should already see these changes! If youā€™ve not done this yet, then head to each mortgage and then tap Get started to add the correct address.

If youā€™ve previously removed a second mortgage due to this not working properly in the past, you can add additional mortgages from the Monzo home screen by scrolling down to the Mortgages section, tapping the three dot menu, and then tapping Add mortgage.

If you find that some of your mortgages have been linked together when you think they shouldnā€™t be, then you can remove the incorrect mortgage by tapping on Remove property details from the three dot menu on the top right of the Tools and insights section, and then tap Get started to add the correct address.

We want to thank all of you for giving us the feedback about supporting multiple mortgages. We read every piece of submitted feedback in the app, and all of your replies in this thread. If you have any issues or feedback related to multiple mortgages, if you think that any of the calculations donā€™t seem quite right for you, or if you have any other mortgage related feedback, please let us know! :blush:

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Howā€™s this going? :thinking: