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Aspiring homeowners, listen up! Netflix and Spotify subscriptions can help you get a mortgage.
Yes you read that right. out of your account each month, love is blind Addiction may be worth more than you originally thought.
We were never taught about the ins and outs of a credit score in school, which would have been more useful than the Pythagorean theorem.
Luckily, the Leeds Building Society has hooked up to Experian’s free Experian Boost service, and as a way to actually help you make a purchase, plan if you want to hop on the property ladder that lets you use subscriptions to Netflix, Spotify, and more. clarified. your first home.
It seems paradoxical to spend money on a service that doesn’t Strictly It can be helpful when buying your own home, especially during a cost-of-living crisis.
However, recurring monthly subscription payments are partly used as a way of proving an aspiring homeowner’s financial performance is reliable and their ability to pay off their mortgage at a stable rate. can be used.
The Leeds Building Society will look to see if applicants are making regular 12-month debit payments, and during mortgage meetings, consider factors such as Netflix and Spotify subscriptions, and more such as local taxes. It announced that it would consider boring payments.
Richard Fearon, chief executive of the Leeds Building Society, said the plan would “especially help young borrowers, first-time buyers and low-income earners who face the most difficult challenges of proving their ability to repay.” I’m explaining. on a rental cycle.
He told The Independent:
However, just because you give money to Spotify, Netflix, Amazon, etc. every month doesn’t mean you’ve made a deal.
In addition to looking at a mortgage applicant’s regular debit payments over the last 12 months, the mortgage applicant’s overall financial stability is also assessed by the Mortgage Association, looking at everything from employment status to income. will be
Leeds Building Society’s plans follow on the heels of Skipton Building Society’s recent reveal that it has launched a no-deposit mortgage.
Available only to first-time buyers over the age of 21, the “Track Record Mortgage” has a mortgage term of up to 35 years and a fixed interest rate of 5.49% for 5 years.
Skipton’s Charlotte Harrison said: Wealth due to lack of access to savings and family wealth.
“It’s time to rethink these big barriers to home ownership. We’re proud to lead in bringing solutions to such big social problems to market.
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