For too long, opportunity has been divided among those who can get a mortgage and those who cannot. At present, the rent payments of Britain’s 14.8 million tenants are mostly not taken into account by lenders in the same way as (often substantially lower) mortgage payments.
This unfairness increases the cost of borrowing for renters – excluding them from accessing the best deals – and forces many on the lowest incomes towards unaffordable, high-cost credit and a “poverty premium” debt trap that can cost a household £490 extra every year. It also creates a barrier for tenants seeking fairer access to more affordable credit – whether it’s for a mobile phone, a loan, white goods, insurance, utilities or a mortgage.
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