Spotify, Netflix Subscriptions Could Help Buy A House

Paying for subscriptions to the likes of Netflix and Spotify may seem daunting, but a new program outlines ways people can potentially become homeowners through the latest mortgage concept. Independent.

A British bank called the Leeds Building Society has partnered with Experian’s free Experian Boost. This will give people who need to borrow money more opportunities to demonstrate that they maintain “financial performance” on a daily basis.

“This will be especially helpful for young borrowers, first-time buyers and low-income earners who face the most difficult task of proving their ability to repay,” said Richard Fearon, chief executive of the Leeds Buildings Association. told the same publication.

“In many cases, these groups, through no fault of their own, can struggle to build good credit scores because they need to spend most of their income on rent and other regular payments. There is,” he added.

In addition, another bank, the Skipton Building Society, has created a mortgage program that requires no down payment. “We recognize that there is a clear divide in the market between people who have a track record of paying rent over a period of time and can prove they can afford to pay their mortgage. At the moment, there is no solution for them to buy property because they lack the ability to pay their mortgages, “like savings and access to family wealth,” said Charlotte Harrison of the firm. .

Spotify and the streaming platform aren’t directly involved in the program, but perhaps something in the long run that gives us all the monthly subscriptions we all pay for.