Leeds Building Society has connected to the Experian Boost service, which allows extra evidence of a borrower’s good financial track record.
Aspiring homeowners could have their subscriptions to services such as Netflix or Spotify contribute to their ability to get a mortgage, following a new partnership between Leeds Building Society and credit information company Experian.The service allows extra evidence of a borrower’s good financial track record to be factored into lending decisions.
Leeds Building Society said that during testing, 7.5% of Society applicants would have gained an improvement in their credit score by using Experian Boost. Skipton said tenants aged 21 and over may be able to take out mortgages at between 95% to 100% of the value of the property they want to buy. Leeds Building Society has more than 800,000 customers and last year it helped 18,000 people onto the housing ladder.
“Housing is at its least affordable point since our founding year in 1875, a sad indictment of decades of inertia over the UK’s housing crisis. But we will continue to find ways we can help and put homeownership within reach of more people, just as we have for almost 150 years.” Aside from a credit score, there are other factors considered by lenders when assessing an individual’s mortgage application, such as their income, employment status, and overall financial stability.
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