Deposit replacement scheme Canopy has partnered with Countrywide to help John Lewis and Waitrose staff who rent properties boost their credit rating through their rental payments.
The 85,500 employees, or partners, of the John Lewis Partnership will be given access to the Canopy Rent Tracking app which records their rent payments on their Experian credit report to improve their chances of getting a mortgage.
The theory is that evidence of rental payments will improve a mortgage applicant’s credit score and give them a greater chance of getting a home loan.
Waitrose and John Lewis partners will also be able to access Countrywide agents using Canopy’s DepositFree scheme, which allows tenants to pay into an insurance policy, rather than stumping up for a deposit.
Under the scheme, each renter is given a RentPassport that looks at personal information such as where they were born, their job, credit report, any sanctions as well as a negative media check, to determine how much they should pay for the insurance.
Partners will need to email their property requirements to the Countrywide Group, who will curate a list of available deposit-free properties from Hamptons International.
Tahir Farooqui, chief executive of Canopy, said: “Renting and letting is often a stressful and expensive business for all parties involved.
“We have created a world which benefits renters, landlords and agents all together, where you can find a property or a suitable renter easily, and make the move hassle-free, with greater financial stability.
“With house prices on the up, the property industry needs to make renting fairer and more affordable.
“We want to support all parties in having a voice and a choice regarding how they rent, so that it works for them financially. John Lewis Partnership shares this vision.”
Stacey MacDougall, leisure benefits development manager at the John Lewis Partnership, said: “Our aim is to provide a relevant and valued range of benefits for our partners.
“For a number of years, we have seen housing as one of the most important gaps in our offer. The importance of good shelter has a critical impact on individuals, their wellbeing, their effectiveness and happiness at work.”
Comments (3)
Seems like a smart move – will be passing this on to my son who’s going into his 3rd year at Bristol. Last thing I want is him taking a blooming credit card out clubbing
Oh dear…Countrywide trying to be clever again. Quick lets come up with an idea…Hamptons are not market leaders in rentals in their sectors and rest assured the staff who need this help at John Lewis/Waitrose will not be looking at the mid/top market rentals. When they are ready to buy, the bank of mum and dad from Middle Englandshire will step up to help their little cherubs. 🙂
What is a good idea is the linking of rental track record to enhance a credit rating for a mortgage, it just needs to be done properly…queue the game changer proptech solutions!!
Sorry how does this help boost a chance for a mortgage?
It’s complete rubbish. And dangerous.
If a renter misses a payment it will now go against them. At the moment it does not.
The only way this would be of any benefit is if they had zero credit in the first place. If that is the case a credit card is a much safer option.