The way that first-time buyers prepare their finances before they get on the property ladder is being revolutionised and largely driven by tech. But how? There used to be two main ways anyone on an average salary could buy their first home. These were to either scrimp and save for a deposit or borrow cash off their parents. But whichever way they did it, many were disadvantaged by a poor credit report. Maybe they had defaulted on a mobile contract when they were younger, or missed a loan payment, for example.
Now, tenants can do something about this. Anyone who is saving up to buy a property can use their regular rent payments to improve their credit history and therefore their chances of getting the best mortgage deal.