Here’s how it works: Leeds is the first mortgage lender to use Netflix, Spotify, and council tax payments to “boost” home loan chances

Homebuyers can now increase their chances of being approved for a mortgage from Leeds Building Society by making regular payments to Netflix, Spotify, and council taxes. The bank has turned into the principal in the UK to begin utilizing installment information recorded on Experian Lift while thinking about home advance applications.

In order to boost your credit score and improve your “creditworthiness” in the eyes of lenders, Experian Boost, a form of open banking operated by the credit reference agency Experian, compiles a record of regular debit payments that do not normally appear on your credit file.

Lenders haven’t taken Boost’s information into account when considering a mortgage application since its launch in 2019. This changed today (Wednesday 10 May) after Leeds Building Society (BS) declared it would begin utilizing Lift while simply deciding.

Last year, in excess of 18,000 first-time purchasers got onto the lodging stepping stool utilizing a Leeds BS contract. According to the trade group UK Finance, Leeds was the 13th largest mortgage lender in the UK in 2021.

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You’ll need to sign up for Experian Boost, which is free, in order to take advantage of today’s changes and get a mortgage from Leeds Building Society. It’ll mostly help first-time purchasers as opposed to those who’ve proactively got a home loan, as reimbursing a current home loan is more significant on a credit record than paying direct charges, however remortgagers could benefit somewhat as well.

Although the building society states that it intends to apply Boost to joint mortgage applications “soon,” for the time being, Boost will only be of assistance if you are applying for a Leeds BS mortgage as a single applicant.

If you make regular, on-time payments for things like: Boost, you might be more likely to be approved for a mortgage with Leeds BS.

Tax on councils.
Digital subscriptions like Spotify, Netflix, and Amazon Prime.
Ventures and investment funds, for example, ISAs and month to month saver accounts.

Other home loan banks aren’t involving Experian Lift for the time being
Leeds Building Society is as of now the main moneylender to involve Experian Lift as a component of a home loan application.

This means that if you use Experian Boost and apply for a mortgage with a lender outside of Leeds, it won’t affect the outcome. has contacted major mortgage lenders to determine whether they intend to begin using Experian Boost in the future. If we receive any additional information, we will update this news story.

How Experian Boost Works Experian is one of the biggest three credit reference agencies in the UK. When you apply for credit, they give lenders information about your credit history, which is on your credit file. A lender’s acceptance of you for a mortgage, loan, credit card, or even mobile phone contract, car insurance, among other things, is influenced in part by your credit history.

Experian will create a separate history of regular payments over the past year that are typically not recorded on your credit file if you sign up for Experian Boost.

If you have a good track record of making your payments on time and in full, this will be shared with Boost lenders and possibly raise your Experian credit score. This, in turn, may increase your chances of getting credit from lenders you apply to.

Help just records installments that are made on-time. Where you miss an installment or are late, this isn’t recorded by Lift – so it shouldn’t scratch your getting possibilities or your Experian FICO rating.

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