People looking to borrow to buy a home can now use their subscriptions to services such as Netflix or Spotify to get a mortgage more easily, writes The Mirror.

Leeds Building Society in the UK is the first lender to use data from the Experian Boost platform when analyzing a mortgage application.

Experian Boost shares additional information with certain lenders to show that someone is making regular payments, such as local taxes or digital entertainment subscriptions.

The idea is that it can help boost your credit score, but it only works if the bank uses Experian Boost.

How the scheme works

In the UK there are three main credit rating agencies – Equifax, Experian Boost and TransUnion – banks use at least one of them when granting credit.

Boost was launched in 2019 and works through open banking technology that links customers’ bank accounts with Experian.

This is then linked to the lending systems of the Leeds Building Society.

This company said that when tested, 7.5% of applicants reported an improvement in their credit score with Experian Boost.

Of course, there are other factors that lenders take into account when evaluating someone’s mortgage application, such as income or employment.