HM Treasury-backed rent reporting service CreditLadder and the Nationwide Building Society, have joined forces to help first-time buyers move on to the property ladder.
The relationship enables would-be homeowners to be prompted if they are eligible to apply for a Nationwide mortgage. Users will then be directed to discuss potential options with Nationwide’s mortgage consultants to help them through the process.
CreditLadder can analyse the income and expenditure data of its users and overlay them against Nationwide’s qualifying mortgage criteria. Those who meet the criteria are then able to contact the building society to potentially apply for a mortgage. While there is no guarantee users will be accepted for a mortgage with Nationwide, those who do not qualify will still receive periodical checks to see if their circumstances have changed.
Sheraz Dar, CEO of CreditLadder said “Tenants already using the CreditLadder service do so to improve their credit rating as well as looking to increase their chances of being approved for a mortgage.“
“With the service already live, the relationship is the first of its kind between a rent reporting service and a mortgage provider in the UK. Working with Nationwide Building Society is a key plank in our plans to help those who dream of owning their own home to realise their aspirations.”
Greg Michel, Fintech and Insurtech Lead from Tech Nation, which is supported by UK Government, said “It’s great to see CreditLadder grow as a business and find yet another way to help people reach their life goals by improving their credit score. We are proud to have them as alumni of our first ever Tech Nation Fintech programme.”