{"id":4023411,"date":"2019-03-22T09:31:07","date_gmt":"2019-03-22T09:31:07","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=4023411"},"modified":"2019-03-22T09:31:07","modified_gmt":"2019-03-22T09:31:07","slug":"first-time-buyer-boost-as-nationwide-and-creditladder-join-forces","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/news\/first-time-buyer-boost-as-nationwide-and-creditladder-join-forces\/","title":{"rendered":"First-time buyer boost as Nationwide and CreditLadder join forces\u00a0\u00a0"},"content":{"rendered":"

Political u<\/span><\/b>ncertainty doesn\u2019t seem to be deterring first-time buyers, and getting a mortgage could be getting easier due to a new partnership between Nationwide and CreditLadder.\u00a0<\/span><\/b>\u00a0<\/span><\/h3>\n

The\u00a0<\/span>first-time buyer\u00a0<\/span>market has\u00a0<\/span>certainly<\/span>\u00a0been given a boost by Help to Buy<\/a><\/span>,<\/span>\u00a0<\/span>and<\/span>\u00a0Shared Ownership schemes<\/a><\/span>\u00a0and<\/span>\u00a0increasing competition between lenders\u00a0<\/span>has resulted in<\/span>\u00a0first-time buyers\u00a0<\/span>benefiting from<\/span>\u00a0smaller deposits (15% compared to 20% in 2009),\u00a0<\/span>less<\/span>\u00a0fees and securing lower rates<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

Last year 370,000 new first-time buyer mortgages completed, the highest for 12 years, and according to UK Finance, over 25,000 first-time buyers took out a mortgage in January<\/span>\u00a0this year;<\/span>\u00a04.6 times more than in the same month last year.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

There seems to be no abating the efforts of lenders to attract first-time buyers to their books, and the latest development by Nationwide could be a game-changer for many prospective buyers.\u00a0<\/span>\u00a0<\/span><\/p>\n

First partnership between a mortgage provider and rent reporting service\u00a0<\/span><\/b>\u00a0<\/span><\/h3>\n

Nationwide and\u00a0<\/span>rent reporting agency\u00a0<\/span>CreditLadder\u00a0<\/span>ha<\/span>s<\/span>\u00a0joined forces to\u00a0<\/span>help\u00a0<\/span>make buying a home even more accessible\u00a0<\/span>for<\/span>\u00a0first-time buyers.\u00a0<\/span>\u00a0<\/span>T<\/span>heir<\/span>\u00a0partnership comes following changes\u00a0<\/span>last year\u00a0<\/span>designed to help tenants use their regular rent payments to get on the housing ladder by improving their credit scores.\u00a0<\/span>\u00a0<\/span><\/p>\n

Until October 2018<\/span>,<\/span>\u00a0paying regular rent\u00a0<\/span>didn\u2019t<\/span>\u00a0affect your credit score<\/a> because rent is not a form of credit<\/span>.\u00a0<\/span>This<\/span>\u00a0has always been a\u00a0<\/span>major<\/span>\u00a0source of frustr<\/span>at<\/span>ion for young people in particular<\/span>,<\/span>\u00a0where rent is\u00a0<\/span>usually<\/span>\u00a0their biggest outgoing and lenders would not acknowledge\u00a0<\/span>reliable<\/span>\u00a0<\/span>and regular\u00a0<\/span>rent payments as evidence that they would make responsible borrowers.<\/span>\u00a0<\/span><\/p>\n

Now p<\/span>rospective first-time buyers who are regi<\/span>s<\/span>ter<\/span>e<\/span>d with CreditLadder to use their rent payments to improve their credit scores<\/span>,<\/span>\u00a0<\/span>are<\/span>\u00a0automatically assessed to see if they meet Nationwide<\/span>\u2019<\/span>s qualifying criteria.\u00a0<\/span>\u00a0<\/span><\/p>\n

Customers who\u00a0<\/span>do\u00a0<\/span>meet the criteria will\u00a0<\/span>be advised<\/span>\u00a0that they\u00a0<\/span>could<\/span>\u00a0<\/span>be accepted<\/span>\u00a0for a Nationwide mortgage.\u00a0<\/span>While<\/span>\u00a0<\/span>there\u2019s<\/span>\u00a0no guarantee that th<\/span>eir<\/span>\u00a0<\/span>application\u00a0<\/span>will be approved, the partnership means that if you don\u2019t qualify you will get regular checks to see if you<\/span>r<\/span>\u00a0circumstances have changed<\/span>\u00a0and whether they could make a difference<\/span>\u00a0to your application outcome<\/span>.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Sheraz Dar, CEO of CreditLadder said: \u201cWith the service already live, the relationship is the first of its kind between a rent reporting service and a mortgage provider in the UK. Working with Nationwide Building Society is a key plank in our plans to help those who dream of owning their own home to realise their aspirations.<\/span>\u201d<\/span>\u00a0<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Political uncertainty doesn\u2019t seem to be deterring first-time buyers, and getting a mortgage could be getting easier due to a new partnership between Nationwide and CreditLadder.\u00a0\u00a0 The\u00a0first-time buyer\u00a0market has\u00a0certainly\u00a0been given a boost by Help to Buy,\u00a0and\u00a0Shared Ownership schemes\u00a0and\u00a0increasing competition between lenders\u00a0has resulted in\u00a0first-time buyers\u00a0benefiting from\u00a0smaller deposits (15% compared to 20% in 2009),\u00a0less\u00a0fees and securing lower… Read more »<\/a><\/p>\n","protected":false},"author":3380,"featured_media":15457,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26,6],"tags":[73,134],"class_list":["post-4023411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-mortgages-money","category-uk-housing-market","tag-first-time-buyers","tag-nationwide"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/4023411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/users\/3380"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/comments?post=4023411"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/4023411\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media\/15457"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media?parent=4023411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/categories?post=4023411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/tags?post=4023411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}