We're giving hopeful homebuyers a boost with a pioneering new collaboration with Experian
Aspiring homeowners might be able to improve their chances of getting a mortgage with Leeds Building Society by using Experian Boost to improve their credit score. We’re the first UK mortgage provider to work with Experian and connect to their free Boost service.
Experian Boost allows people to potentially ‘boost’ their credit scores by using open banking to assess the last 12 months of payments such as council tax, and subscriptions to streaming services. By allowing your clients to provide further proof that they have a track record of keeping up to regular payments, we hope to make home ownership a reality for even more people.
During testing, 7.5% of Society applicants would have gained an improvement in their credit score by using Experian Boost. No credit scores would be negatively affected as a result of using the service.
In 2022, we helped 18,000 people onto the housing ladder. And we keep making moves to support first-time buyers, like reintroducing a range of 95% LTV fixed rate mortgages to our product range.
Richard Fearon, Chief Executive at Leeds Building Society, said: “We’re proud to be the first mortgage lender in the UK to make it easier for aspiring homeowners by incorporating free, ‘boosted’ credit scores.
“This will particularly help younger borrowers, first time buyers and anyone on lower incomes who face the toughest challenge to prove their ability to repay. Often through no fault of their own, these groups can struggle to build a good credit score because they need to spend most of their earnings on rent and other regular payments. Indeed, the vast majority of existing Boost users are renters.
“We will continue to find ways we can help and put homeownership within reach of more people, just as we have for almost 150 years.
“It is no coincidence that a building society is the first to offer this service – we were the original homeownership pioneers and I’m delighted we’re maintaining that tradition.”
Customers can opt-in and out of the boost service at any time and the service is completely free. More information can be found at https://www.experian.co.uk/consumer/experian-boost.html.
*Not all credit scores will increase with Experian Boost. Not all lenders factor Experian Boost into mortgage .
Leeds Building Society only accepts mortgage applications from intermediaries where they are providing an advised sales service, with the exception of Buy to Let & Holiday Let applications. It is the responsibility of the intermediary to ensure that all applicable law including, without limitation, the Financial Conduct Authority rules on advised mortgage sales are complied with including, without limitation, the provision of adequate explanations.
The option to include Experian Boost in credit scores with Leeds Building Society relates to residential mortgage applications only.
*Based on Leeds Building Society analysis of Land Registry house prices and ONS and Bank of England average earnings data