Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_795461800
January 18 2018

Treasury opens £2m rental payment challenge for fintechs

Marc Shoffman Industry News, News fintech, p2p, Rent Recognition Challenge, Treasury

A GOVERNMENT-BACKED £2m fintech competition to develop tools that incorporate rental payments into a tenant’s credit score has opened for applications.

The Treasury has released application forms and entry criteria for the Rent Recognition Challenge.

Firms are asked to outline the consumer journey and how data will be accessed, used and protected as well as any market research to support the product and an idea of how much it would cost to develop.

Winning bids will be selected by a panel of leading figures from the fintech sector, with six receiving £100,000 each to develop a prototype and three or four of them getting further funding to bring their ideas to market.

The application deadline is 9 March 2018, with development running until October 2018.

The competition was first mentioned in November’s Autumn Budget, following concerns that mortgage lenders fail to consider rental payment history as evidence of affordability as it does not show up on a credit report.

“Currently, a history of meeting rent payments is not routinely recognised in people’s credit scores, and is not commonly taken into account when banks conduct mortgage affordability assessments,” the Treasury said.

“This increases the cost of borrowing for rental tenants, and creates a barrier to getting onto the housing ladder.

“Rent payments are usually an individual’s largest monthly outgoings, and are therefore a significant indicator of one’s creditworthiness as a borrower. For this reason, it is right that a history of successfully paying your rent should be recorded and recognised.”

Read more: Credit scorer warns borrowers lacking financial maturity to understand debt

Funding Circle’s fund unveils Citibank deal LendingCrowd launches income account

Related Posts

fintech sector

Industry News, News, Top 3

Fintechs feature heavily in list of best start-ups to work for

Spiel

Global News, Industry News, News, Top 3, Uncategorized

Bondora monitoring ‘see-sawing’ secondary market

uk home

Industry News, News, Property, Top 3

British Pearl nears completion of portfolio sale

Popular posts:

  • Government responds to P2P fraud query
  • The alternative lenders accredited for CBILS
  • FCA lumps P2P lending in with higher risk products again
  • 4th Way gives its views on Zopa and Funding Circle returns
  • Funding Circle to offer first and second draw PPP loans
  • SME lender warns many companies will not survive
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by