In recent years, high property prices have made it difficult for first-time buyers to get on the housing ladder. Despite this, many would-be homebuyers want to take the first step into property ownership.
In an effort to help more potential purchasers, the government has launched new funding for the HM Treasury-led Rent Recognition Challenge, with the winning bids for the initial round of grant funding now confirmed.
Six initial round winners have now been confirmed for the £2m competition to develop applications that help renters boost their credit scores, access credit and get on the housing ladder.
The judging panel included some of the UK’s leading tech and finance experts including Al Lukies (Motive Partners, Rent Recognition Challenge Sector Champion), Charlotte Crosswell (Innovate Finance), Paul Smee (UK Finance), Eileen Burbidge (HM Treasury FinTech envoy), Diederick Van Thiel (Advice Robo) and Neil Munroe (CRS Insights).
Sheraz Dar, CEO of CreditLadder, one of the initial round winners, having received £100,000, said: “We are delighted that the judges recognised the work CreditLadder has made towards adding tenant rental payment to credit histories, and that we now have chance to really take this to the next level.
“CreditLadder has the technological expertise - and now the extra funding - to help HM Revenue achieve its goal of enabling more renters to take their first step on to the property ladder.”
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but will this encourage people to take on debt that they will not be able to service either now or in the future, which would end up with their property being reprocessed, them to lose a lot of hard earn cash and make them bankrupt, ultimately back to renting.
Not sure I agree with your analysis. I think if someone can afford the market rent on the property they live, they could probably afford the mortgage payments. The big barrier to getting on the ladder is usually getting the deposit together. Yes a mortgage is a lot of debt but provided a person has a good credit score, they should be no more or less of a risk than a landlord.
No doubt there are a lot of people for who aren't suited to buying their own homes, those that live in Council housing (now social housing). The big mistake was introducing right to buy . Council/social tenants are the people that need it least (they already have a secure tenancy) and can least afford it. Perhaps that a different debate.
Personally I think Buy to Let landlords who want to get out should be able to sell on a shared ownership basis to tenants ..... why not? The price could be agreed then the tenant gets a mortgage for say half and pays rent on the other half and over a period buys out the landlord. This would allow landlords to get some equity out and gently reduce their portfolio.
For information on how you can offer this to your tenants please visit, www.creditladder.co.uk/landlords
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