How Experian Boost could give you a lift onto the property ladder
Warning: THE MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
If you’re looking to buy a home, your credit score – a rating of how reliable you may be at borrowing and repaying money – is important when trying to get a mortgage.
But you might be frustrated that some regular payments you make each month – for example council tax or streaming service payments – aren’t taken into account by most lenders when they’re deciding how likely it is that you’ll be able to repay a mortgage.
Together with credit reference agency Experian, we’re changing that.
We’ve teamed up with them to connect to their free Boost service, to potentially help people turn their dream of buying a home into a reality.
But exactly how does Experian Boost work? And how could it help you if you want to get on the property ladder? Read on to find out.
What's Experian Boost?
Experian Boost allows you to potentially improve your credit score by sharing information about your regular spending. This means the last 12 months of regular payments such as streaming services, and council tax payments are taken into account in your credit report, when they usually wouldn’t be.
If you're making payments like this regularly and you sign up to the service, you could get an instant boost to your credit score. Not all credit scores will increase with Experian Boost. Not all lenders factor Experian Boost into mortgage applications.
How could this help aspiring homeowners?
In 2022 we helped 18,000 people buy their first home. We’re determined to make home ownership a reality for as many people as possible, and we’re the first building society in the UK to connect to Experian Boost.
One of the factors to a successful mortgage application with us is a good credit score, and by working with Experian this free service presents an opportunity for those looking to improve their score.
Will only first time buyers benefit from Experian Boost?
No. Anyone looking to purchase a property could benefit from using Experian Boost. We're here to make home ownership a reality for as many people as possible - not only first time buyers.
How do you use the service?
Sign up to Experian Boost. Anyone with a free Experian account and a current account with a bank or building society that supports open banking can use it. Your bank then shares transactional information from the account with Experian.
Is there a charge for using it?
No, it doesn’t cost anything to use Experian Boost. You just need to sign up for a free Experian account.
Can using Experian Boost damage your credit rating?
Connecting to Experian Boost won’t make your credit rating score go down. However, it’s worth bearing in mind the common reasons a credit score can drop.
Can joint mortgage applicants use Experian Boost?
Yes, Experian Boost can be used for joint and sole mortgage applicants. Hopeful homebuyers who currently pay bills and other outgoings together can get a boosted credit score and use this in their mortgage application. We take into account the highest Boost score of the joint applicants as part of the application.
Not all credit scores will increase with Experian Boost. Not all lenders factor Experian Boost into mortgage applications.
This guide is intended as a summary only and does not constitute legal or financial advice given by Leeds Building Society. No reliance should be placed on this guide. We recommend that you seek independent legal advice and/or financial advice if you have any questions or queries.
Applicants must be aged 18 years or over.
Mortgages are subject to eligibility, status and financial standing.