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

What’ll come first, the sale of co-op bank to Coventry Building Society, or the addition of the logo? :stuck_out_tongue:

I’ll be chasing a logo update until my mortgage ends.

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Depends if it ports over when they finalise the purchase & therefore would be branded as Coventry Building Society.

It recently changed from “Platform” to “co-op” in the app, annoyingly Platform had a logo.

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You wouldn’t believe how many things broke when Platform changed to co-op across our systems and with mortgages starting to switch over - the bane of our lives!

We’re currently trying to get a few exciting new things over the line so won’t be for a little while I’m afraid! Seeing as Platform were so willing to change, maybe we can convince co-op to change their logo to our generic icon :sweat_smile:

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Welcome to the Community, Peter!

Peter is the newest member of our Engineering team having being doing some great work on Flex :star_struck:

I’m so glad that we’re supporting multiple mortgages now - it might not have affected that many people but we’re now able to give people much better visibility over their progress in building up equity in their home :chart_with_upwards_trend: :raised_hands:

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My ‘you paid off’ amount in ‘progress over time’ is now 2 months out compared the ‘paid off’ on the main mortgage screen. Looks like it has just stopped updating for me Anyone else seeing this?

Hi folks,

I’m confused if it’s possible to accurately show a shared ownership mortgage in the app.

I previously linked my mortgage and based on my mortgage payment amount the share of the total value was calculated correctly, but the actual value of the house was not, which showed the house value as my share rather than the full value.

All the other figures shown on the home updates page are incorrect as they show the data found through the land registry for the actual value of the house but as I had to manually update this to the share amount (to get it to show more accurately on the main page), the rest of the data is incorrect as it thinks my house just lost the value of the share I don’t own.

Sorry hard to explain, tldr; will shared ownership be reflected properly?

Thanks

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Looks like other companies are getting on board with this functionality, just got a notification from Moneybox telling me about their new “Home Wealth” feature. They’re using TransUnion.

Edited to add image as received email now too:

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Just a suggestion for a feature - currently in the app you have to add a deal length, but you can’t mention having no exit fees or no fixed term.

I’m on a flexx fixed mortgage with Coventry, which technically is 10 years of a guaranteed rate but you can exit anytime with no fees. There’s no way to really input that sort of deal into the app.

Also weird bug but if I put my Coventry deal as 10 years, it shows “ends in -24638 months” :thinking:

Hi Thomas - we’ve definitely thought about handling exit fees / early repayment charges (especially for the likes of some trackers where no fees is more common) but haven’t picked it up as:

  • We don’t get any information from TransUnion on what those fees would look like so would require manual input from our customers
  • Some early repayment schedules are … inconvenient to know and input

If we take a NatWest 5 year fixed as an example - the early repayment limits go down year by year but it is based on the the anniversary of the end date rather than when you start on it - pretty confusing!

Safe to say that this isn’t intended! If you want us to look at it, would you mind private messaging me your email address and we can see what’s causing it to play up? :slight_smile:

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Cool, thanks for clarifying! And I’ll drop you a message about the bug :slightly_smiling_face:

It would cool if we could see what the predicted/estimated balance will be at the end of our current deal.

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Hi Stuart - I can give you a little workaround on this one :slight_smile:

If you’ve added when your deal is ending and then head to the overpayment calculator and add the smallest one-off overpayment of £100 then it will tell you what your Equity is estimated to be in the When current deal ends section.

Let me have a think about whether we can / should incorporate some wording around estimated outstanding balance at the end of current deal also :nerd_face:

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Thanks for that :slight_smile:

For me I’ve used it to set a rough savings pot goal to pay off my mortgage at the end of the current deal.

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Good luck - a great goal to have! :chart_with_downwards_trend:

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Hi everyone! I’m Laura, a product designer on the Borrowing team at Monzo, and I’ve got something exciting to share with you all – a special Community exclusive!

We’ve launched estimated mortgage rates :house:

We first introduced our interest rates calculator to help you see how different rates can affect your monthly mortgage payments. Now, we’ve made it even better!

We know that many homeowners start thinking about mortgage interest rates well ahead of their current deal expiry. We also know that showing lots of numbers in a comparison table can feel overwhelming. Instead, we want to help you understand the typical rates you may be eligible for, without all the confusion!

Now, thanks to our Estimated Mortgage Rate tool, you can get a live estimation of the rates you might be offered in the current market if you were to remortgage. We think this is an easier way to help you understand the impact of rates on your financial situation, rather than showing lots of different rates in a comparison table, which can sometimes be overwhelming, rather than helpful!

These rates are based on customers in similar situations as you, who have recently remortgaged with Better.co.uk (our online broker partner).

How it works

Our new feature provides you with estimated interest rates for your mortgage, personalised to your situation. The estimates are based on your current mortgage information, which you can easily edit. Whether you’re looking to move from a 2-year rate to a 5-year rate, or you want to adjust other preferences, our calculator has you covered. We’ve partnered with Better.co.uk, who work with over 100 lenders in the UK market covering 1000s of deals, ensuring you get accurate and up-to-date rates.

What are the benefits of using this feature?

  • Stay updated on the latest market rates
  • Understand the impact of these rates on your monthly payments
  • Access to a detailed calculation showing the difference in monthly payments
  • Understand your current loan to value band, and whether there is an opportunity for you to reach a new band (and get even better rates)

How to get it:

  1. Make sure you’re on the latest version of the Monzo app
  2. Go to your plus menu, tap See current mortgage rates to try the experience!

Eligibility

You currently need to have a mortgage to see estimated mortgage rates. We’ll also be launching this to anyone who doesn’t have a mortgage soon!

Please note that while we strive to provide the most accurate estimates, market changes are unpredictable. You can talk to a broker (whether that’s Better.co.uk or someone else) or your lender if you want to understand your eligibility or find the mortgage that’s right for you.

Got questions or feedback? Drop them below!

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Will you support showing rates for interest only and/or buy to let mortgages as well as “normal” ones?

Excellent feature. This is why Mortgages section in Monzo app is my favourite.

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Our mortgage is up for renewal soon so starting to see notifications in app about using this service.

Has anyone remortgaged through the app and how did you find better.co.uk?