Renters can find out if they are eligible for a mortgage in just 5 minutes through the new tech partnership.
For first time buyers, getting a mortgage can be tough, however, a new partnership between online broker Mojo Mortgages and rent reporting service, CreditLadder has been announced to make things a whole lot easier.
CreditLadder customers who are using rent payments to improve their credit score will now be able to see if they are eligible to apply for a mortgage.
CreditLadder will analyse the income and expenditure data of its users and If a customer meets the qualifying criteria they can book an appointment with Mojo Mortgages to discuss applying for a mortgage, through the CreditLadder site.
Within just 5 minutes customers will be able to know if they could get a mortgage and what lenders are available to them.
In the UK, nearly 40% of homes are rented, historically rent payments from these tenants have never been factored into their credit report.
What’s more first time buyer stats from Mojo Mortgages show 40% wanted to get a clear indication of how much they could afford to borrow before they even applied for a mortgage, while 82% didn’t know whether they had a good enough credit score to get a mortgage.
Richard Hayes, CEO and Co-Founder of Mojo Mortgages, said: “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 homeownership. 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.”