New platform to help tenants buy rented homes from landlords

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A new tech platform aims to help renters buy their own home by letting them build up credits based on their everyday spending and rental data.

Homely’s MortgageReady system rewards good behaviour through tracking rent payments, utilities and other key regular payments, which enhances renters’ credit rating.

Linking to open banking, its software can work out affordability risk based on their spending habits. It records how much someone is spending and bringing in each month, and suggests ways of improving saving with spending tips and by using partner brands and their offers.

The platform also helps people build up their deposits through a smart recommendation engine which educates them about mortgages and lets lenders make better lending decisions based on the information gleaned about each tenant.

Good deals

The platform can then notify potential homeowners as soon as they are ready to take on a mortgage and points them towards good deals.

For those still happy to rent, Homely for Renters lets would-be-tenants search for properties using access to data histories on a property’s condition and maintenance and the experience of previous tenants.

It can also help landlords perform ongoing servicing and maintenance, while its LandlordReady and LandordQuality system filters data back to tenants, to hold landlords more accountable.

Co-founder and CEO, Lewis Scott (pictured), believes it’s the first digital platform to bring the whole market together by reducing inefficiency and improving communication. “We feel our connection between renters and landlords will create a better quality rental environmental and offer tenants an unrivalled platform in efficiency and standards,” he adds.

Homely launches officially early next year.

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