Creditladder.co.uk
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Rent payment history breakthrough to help tenants onto property ladder
Experian has revealed tenants' rent repayment histories both past and current, are to be included within the credit reports used by mortgage lenders.
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Housing Market
Second lender accepts rental payment history for mortgages
Charlotte Grimshaw of Suffolk Building Society says bank account statements proving 12 months' of rental payments can now be used to access higher mortgage income multiples.
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Latest property news
Rent reporting platform used by agents reveals “aggressive” plans
CreditLadder says two new partnership deals are part of an plan to become wider supplier of tenant benefits other than report reporting.
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Latest property news
Latest tech: partnership helps tenants pre-qualify for mortgages
Rental tech platform CreditLadder has signed a deal with online mortgages broker Mojo to enable tenants get on the property ladder. CreditLadder customers who use rent payments to improve their credit score can now see if they are eligible to apply for a mortgage. Using Open Banking, CreditLadder is able to analyse its customers spending patterns and income within five minutes and, if they qualify, match them up with Mojo and arrange an appointment. CreditLadder started out as a ‘rent recognition’ platform and has already signed up thousands of tenants to its free service, who give the platform permission to ‘read’ their bank accounts and record their monthly rent payments. The company has since branched out into several new areas including referencing and mortgage qualification services for letting agents, landlords and consumers. Credit score Research by Mojo Mortgages reveals that 40% of tenants planning to get on the property ladder want to know how much they can afford to borrow before they apply for a mortgage, while 82% didn’t know whether they had a good enough credit score to get a mortgage. Richard Hayes (left), CEO and Co-Founder of Mojo Mortgages, says: “For first time buyers, getting on the property…
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Latest property news
60% of tenants welcome three-year tenancies, poll suggests
A poll of 1000 tenants by rent recognition platform CreditLadder has found that nearly two thirds of them would support three-year-tenancies.
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Latest property news
A Question of Property: Sheraz Dar, CEO of CreditLadder
The government is pulling out all the political stops to fix the UK’s ‘broken’ housing market and that includes helping more people to get on the property ladder. As part of this billion-pound push, HM Treasury last week announced that six tech firms had been chosen to compete in a £2 million race to develop a tech platform that will help tenants achieve home ownership more easily. CreditLadder.co.uk is one of them. It’s an online service that enables tenants to report their rental payments to Experian for free with the minimum of form filling. Its basic service is free for renters to use but the site charges agents a small fee to offer its service to tenants. Its website was the first in the UK to use Open Banking technology to enable tenants to report their rent. Tenants give CreditLadder permission to ‘read’ their bank account every month and verify that the rent has been paid in full and on time. CreditLadder is also the first in the UK to enable customers of Monzo and Starling Bank to report their rent to Experian. The Negotiator caught up CEO Sheraz Dar, who has a track record in both tech and property,…
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Latest property news
Open Banking makes its debut in the rental market following new service launch
Online rental payments platform CreditLadder says it is the first in its sector to launch an Open Banking service that enables tenants to improve their credit score without the need for a lengthy sign-up service or their landlords’ permission. These restrictions were a key criticism of the tech sector by Lord Bird when he launched his draft Creditworthiness Assesssment Bill recently in the House of Lords. CreditLadder says it has already processed rental payments worth £14 million since starting up in 2016 and claims to be the first service of its kind in the UK to integrate its tech with the Open Banking ‘revolution’. Nine banks in the UK now offer an Open Banking feed or API that enables third parties such as CreditLadder to plug into and read the amount and date of transaction going into people’s bank accounts, if they give permission. The nine banks offering this so far are Barclays, HSBC, Lloyds Bank, Halifax, Natwest, RBS, Santander, Nationwide, The Co-Operative Bank, First Direct and TSB. Individual tenants can sign up to the service, but it is also open to letting agents to offer tenants as an ‘add-on’ to their lettings proposition. Credit history CreditLadder records rent payments…
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