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Netflix and Spotify subscriptions could help aspiring homeowners climb the real estate ladder thanks to new mortgage concepts.
The Leeds Building Society has connected to Experian’s free Experian Boost service, a practice that helps potential borrowers by showing lenders that their subscription solvency can at least marginally prove their financial performance. .
The move comes as Skipton Building Society, another Yorkshire bank, announced it had launched a no deposit required home loan.
For Leeds plans, the Mortgage Conference takes into account factors of the applicant’s history, such as the last 12 months of recurring debit payments. This could include Netflix and Spotify as well as local taxes. This allows the connection of the Leeds lending system.
Richard Fearon, CEO of Leeds Building Society, said:
“Often it’s not their fault that these groups have to spend most of their income on rent and other regular payments, so they can struggle to build a good credit score. I have.
When evaluating an individual’s mortgage application, lenders must consider factors such as income, employment status, and overall financial stability in addition to credit scores.
Banks need to find new ways to attract new interest to buy the most affordable homes since 1875 amid the UK housing crisis.
Skipton said the plan is also aimed at renters and will help those who find themselves in a situation where they cannot afford to buy.
The Building Society introduces a track record mortgage with a 5-year fixed rate of 5.49% and a mortgage tenor of up to 35 years. Valid for first-time buyers only.
Skipton’s Charlotte Harrison said: Wealth due to lack of access to savings and family wealth.
“The time has come to rethink these major barriers to home ownership. We are proud to lead in bringing solutions to such a major social problem to the market.”
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