Netflix and Spotify will help aspiring buyers get a mortgage

Thanks to new mortgage concepts, a Netflix or Spotify subscription may help future homeowners climb the real estate ladder. The Leeds Building Society has partnered with Experian’s free his Experian Boost Service to provide a new way to show lenders that they have a good credit score.

The news comes on the heels of the Skipton Building Society, also in Yorkshire, announcing the launch of a new no deposit required home loan. In the Leeds Building Society plan, aspiring homeowners attend a mortgage meeting and consider factors in the applicant’s financial history, including regular direct debit payments over the past 12 months. This includes paying for a Netflix or Spotify subscription as well as local taxes.

Richard Fearon, Chief Executive Officer of the Leeds Building Society said: While often not their fault, these groups can struggle to build a good credit score because they have to spend most of their income on rent and other regular payments. ”

Of course, there are other factors to consider when evaluating a person’s mortgage application, such as income, overall financial stability, and employment status. Either way, with homes now at their most affordable price point since 1875, banks will have to find new ways to attract renewed interest in real estate.