Monzo, the UK’s leading digital bank with more than 11 million customers, has revealed that outdated mortgage systems make it difficult for the UK homeowners to manage their mortgages effectively. To help homeowners save on interest, reduce mortgage terms through overpayments and secure better deals, Monzo is calling for the government to urgently press ahead with industry-wide mortgage data sharing through Open Finance as part of the Data Use and Access Bill.Monzo’s survey of 4,000 UK adults conducted by Censuswide reveals significant gaps in understanding and barriers to huge savings and better deals. It reveals that UK homeowners could have up to £5.3 billion that they would like to put towards overpayments annually but don’t have the tools or knowledge – this could save UK homeowners an estimated £2.3 billion on mortgage interest each year. The research comes shortly after the Bank of England reported that nearly half of households expect to face increased mortgage costs over the next two years.Key Findings:Most important financial commitment: almost three-quarters (74%) of UK mortgage holders see their mortgage as one of the most important parts of their financial life.almost three-quarters (74%) of UK mortgage holders see their mortgage as one of the most important parts of their financial life. Desperate need for better tools : 51% want a better way to manage their mortgage, and 36% say it would motivate them to reduce debt with 69% of first-time buyers wanting to reduce their mortgage debt, term or interest.: 51% want a better way to manage their mortgage, and 36% say it would motivate them to reduce debt with 69% of first-time buyers wanting to reduce their mortgage debt, term or interest. Sparse updates by post : nearly a third (30%) of mortgage holders still rely on physical statements by post to track their mortgage.: nearly a third (30%) of mortgage holders still rely on physical statements by post to track their mortgage

Leading digital bank Monzo today launches Contents Insurance, a new product that makes it easier, faster, and more flexible for renters and homeowners to protect their belongings.Whilst homeowners are more likely to insure their home and belongings, new research from Monzo reveals a major gap in renter protection – 1 in 2 UK renters (50%) either don’t have contents insurance or don’t even know what it is. With over 5 million privately rented households1 currently in the UK, making sure Brits are protected has never been more crucial.Monzo Contents Insurance is another step toward creating a seamless, all-in-one app experience where customers can manage every aspect of their financial lives effortlessly. The product offers cover for damage and theft, inside and outside your home, including replacement of locks and keys – and more. You can also add your higher value items as an optional extra. The product will be rolled out to all eligible customers over the next couple of weeks.Key features include:Get covered in minutes: Customers can skip the endless stream of questions and get covered in just five crucial questions.Customers can skip the endless stream of questions and get covered in just five crucial questions. Personalise your policy: With expensive prices being a barrier for those wanting cover (41%), Monzo users can personalise their policy with customisable add-ons and instantly show how each choice affects the price.With expensive prices being a barrier for those wanting cover (41%), Monzo users can personalise their policy with customisable add-ons and instantly show how each choice affects the price