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.
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 ladder doesn’t have to be so hard, and we’re continuously looking for ways to help more people achieve their dream of home ownership.
“Our unique partnership platform allows CreditLadder to offer their customers a fully extensive range of personalised deals and access to free real-time mortgage advice, all from within their app or onsite. We believe advice is the key part of the process as many first time buyers often need that guidance to get started.”
Sheraz Dar, CEO and Co-Founder of CreditLadder said; “We have a significant number of tenants using our free service who are aspiring first time buyers. The partnership with Mojo is just another way we can help tenants get the credit they deserve. We want every tenant in the UK to report their rent payments, and this is another reason to do so.”