Open Banking is ‘proving popular’ with tenants – claim

A growing number of private tenants are signing up to Open Banking, involving several banks, which was launched in the UK last month, with a view to helping renters who want to get a mortgage improve their chances of accessing home loan deals, according to CreditLadder.

The new initiative, launched by CreditLadder, a tenants’ credit improvement platform, also enables tenants to report their rental payments via CreditLadder simply and for free.

“When CreditLadder launched its Open Banking service last month we were acutely aware that the take up maybe held back given the newness of the technology,” said CreditLadder CEO Sheraz Dar.

“But so far Open Banking is proving popular with our customers. The number of people signing up to our service has doubled and last week 80% of those applying to join our service now do so via Open Banking.

“Many of the UK’s 11 million private renters are finding it harder and harder to get on the property ladder, so it’s no surprise that a service like ours which gives them a leg-up is proving popular.”

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