The UK Treasury is launching the Rent Recognition Challenge, a competition to develop an app that will enable tenants to record their rental payments history and improve their chance of getting a mortgage. A new report from the National Audit Office (NAO) has found that more than half (53 per cent) of landlords in England have failed to comply with government guidance on how they should treat The competition opens later this month and closes in March, with the best six bids winning £100,000 ($135,000) of funding to develop prototypes with a total of £2m available in the competition.
The UK Treasury is launching the Rent Recognition Challenge, a competition to develop an app that will enable tenants to record their rental payments history and improve their chance of getting a mortgage. Stephen Barclay, the economic secretary to the Treasury, has argued that rent payments should be taken into account when performing a credit score – data that is not currently included. The competition opens later this month and closes in March, with the best six bids winning £100,000 ($135,000) of funding to develop prototypes with a total of £2m available in the competition.