The UK Treasury is launching the rental mortgage Challenge , a competition to develop an app that will allow tenants to record their rental payments history and improve their chance of getting a mortgage . Stephen Barclay , the economic secretary to the competition , 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 year and closes in March , with the best six bids winning £ 100,000 ( $ 5000 ) of funding to develop prototypes with a total of £ ##500 m 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.