Leeds Building Society giving hopeful homebuyers a boost with a pioneering new collaboration with Experian

by Aaron Strutt

May 08 2023

Leeds Building Society has become the first UK mortgage provider to partner with Experian Boost, allowing borrowers to provide further proof of a good financial track record – and possibly improve their chances of getting a mortgage.

This free service from credit reference agency Experian uses open banking technology to allow your clients to potentially 'boost' their credit scores*.

In an email to brokers explaining how Experian Boost can help aspiring homeowners', it explained regular banking activity such as council tax payments and subscriptions to services like Netflix and Amazon – which aren't usually considered in credit checks.

Leeds says it is committed to making homeownership a reality for more people than ever. And this is another move that could provide a much-needed boost for those who need it. 

Richard Fearon, Chief Executive at Leeds Building Society, said: "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."

Does Experian' boost' really work? 

Trinity Financial recently submitted a decision in principle for a client applying to HSBC.

The mortgage was declined because of the applicant's credit score, although our broker suggested the applicant could try the Experian credit 'boost' to see if it helps.

Impressively, it passed when applied again, and the mortgage application was agreed upon. 

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage