{"id":87044,"date":"2017-12-06T08:00:01","date_gmt":"2017-12-06T08:00:01","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=9e3853fd457ee0cb7deb93459563f71e"},"modified":"2017-12-06T08:00:01","modified_gmt":"2017-12-06T08:00:01","slug":"news-story-fintech-to-help-renters-get-on-the-housing-ladder","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=87044","title":{"rendered":"News story: FinTech to help renters get on the housing ladder"},"content":{"rendered":"<div class=\"govspeak\">\n<p>HM Treasury is offering \u00a32 million to budding entrepreneurs who can develop an application that will enable<br \/>\nBritain\u2019s 11 million renters to record and share their rent payment data, helping to improve their credit scores<br \/>\nand their chances of getting a mortgage.<\/p>\n<p><a href=\"https:\/\/www.gov.uk\/government\/publications\/rent-recognition-challenge-using-fintech-to-help-renters\">The Challenge<\/a>, announced in the <a href=\"https:\/\/www.gov.uk\/government\/publications\/autumn-budget-2017-documents\/autumn-budget-2017\">Autumn Budget<\/a>, will be launched by the Economic Secretary to the<br \/>\nTreasury, Stephen Barclay at the Fintech Connect Live conference this morning.<\/p>\n<p>Winning bids to the <a href=\"https:\/\/www.gov.uk\/government\/publications\/rent-recognition-challenge-using-fintech-to-help-renters\">Rent Recognition Challenge<\/a> will be selected by a panel of leading figures from<br \/>\nthe Fintech sector. The competition will provide an initial round of grant funding to six promising proposals<br \/>\nto help to turn the ideas into a workable product. The expert judges will then whittle the six down to just a<br \/>\nhandful of teams who will receive further funding and support to bring their ideas to market.<\/p>\n<p>The Economic Secretary to the Treasury, Stephen Barclay, said:<\/p>\n<blockquote>\n<p>People\u2019s monthly rent is often their biggest expense, so it makes sense for it to be recognised when applying<br \/>\nfor a mortgage. Without a good credit score, getting a mortgage can be a real struggle.<\/p>\n<p class=\"last-child\">Most lenders and Credit Reference Agencies are unable to take rental data into account, because they don\u2019t<br \/>\nhave access to it. The Rent Recognition Challenge will challenge firms to develop an innovative solution to<br \/>\nthis problem and help to restore the dream of home ownership for a new generation.<\/p>\n<\/blockquote>\n<div class=\"call-to-action\">\n<p><a href=\"https:\/\/www.gov.uk\/government\/publications\/rent-recognition-challenge-using-fintech-to-help-renters\">The Challenge<\/a> will open to applications early in the New Year, and development will conclude in October<br \/>\n2018.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>New competition to use rental payment data to improve credit scores and mortgage applications for the 11 million renters in Britain.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/87044"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=87044"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/87044\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=87044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=87044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=87044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}