Mojo Mortgages and CreditLadder Team up to help Renters Become First Time Buyers
News on 4th December 2019
Renters can find out if they are eligible for a mortgage in just 5 minutes through the new tech partnership
For first time buyers, getting a mortgage can be tough, however, a new partnership between online broker Mojo Mortgages and rent reporting service, CreditLadder has been announced to make things a whole lot easier.
CreditLadder customers who are using rent payments to improve their credit score will now be able to see if they are eligible to apply for a mortgage.
CreditLadder will analyse the income and expenditure data of its users and If a customer meets the qualifying criteria they can book an appointment with Mojo Mortgages to discuss applying for a mortgage, through the CreditLadder site.
Within just 5 minutes customers will be able to know if they could get a mortgage and what lenders are available to them.
In the UK, nearly 40% of homes are rented, historically rent payments from these tenants have never been factored into their credit report.
What’s more first time buyer stats from Mojo Mortgages show 40% wanted to get a clear indication of how much they could afford to borrow before they even applied for a mortgage, while 82% didn’t know whether they had a good enough credit score to get a mortgage.
Richard Hayes, CEO and Co-Founder of Mojo Mortgages, said: “For first time buyers, getting on the property ladder doesn’t have to be so hard, and we’re continuously looking for ways to help more people achieve their dream of homeownership. Our unique partnership platform allows CreditLadder to offer their customers a fully extensive range of personalised deals and access to free real-time mortgage advice, all from within their app or onsite. We believe advice is the key part of the process as many first time buyers often need that guidance to get started.”
Sheraz Dar, CEO and Co-Founder of CreditLadder said; “We have a significant number of tenants using our free service who are aspiring first time buyers. The partnership with Mojo is just another way we can help tenants get the credit they deserve. We want every tenant in the UK to report their rent payments, and this is another reason to do so.”
For more information on the partnership, please visit: https://mojomortgages.com/partners
Notes to editors:
About Mojo Mortgages
Mojo Mortgages uses innovative technology to allow customers to see real-time mortgage deals for which they’re eligible in just 15 minutes. The fintech’s team of in-house mortgage experts then manage the mortgage application process from start to finish.
Since 2018, Mojo has secured over 75,000 customers and £7.8m in seed round and Series A funding. Mojo has won numerous awards including Innovation and Mortgage Broker of the Year at the 2019 British Banking Awards.
Mojo Mortgages launched their partnership platform 12 months ago and has driven mortgage recommendations for £140m worth of mortgage capital through its award-winning partner API service. The platform won ‘Innovation of the Year’ at the British Bank Awards.
Mojo’s MortgageScore™ aimed at helping First Time Buyers onto the property ladder launches in January 2020. The service allows someone to see and improve their mortgage score before they apply, increasing their chances of being successful. Their mortgage score is a combination of their spending habits, earnings, credit score, savings and their personal preferences.
FCA approved CreditLadder is the UK’s first and biggest rent recognition platform that enables renters to add their payments to their credit history.
Tenants have their rent payments read by CreditLadder using Open Banking enabled APIs. This allows the tenant to have their rental payments added to their credit file, and ultimately help improve their credit score. £125m of rent payments have been reported to Experian to date.
Last year it was a final stage winner of both the HM Treasury’s Rent Recognition Challenge, winning a £600,000 Grant, and became one of 20 companies chosen from nearly 100 applicants to join the HM Treasury-supported Tech Nation programme.
CEO Sheraz Dar has worked at and invested in many of the UK’s leading digital businesses including PrimeLocation, Quidco and OpenRent; the latter being the UK’s biggest letting agent by volume.