Equifax UK helps power new homeownership platform Homely

Aspiring homebuyers in the UK will be supported onto or up the property ladder by a new partnership between Equifax UK and free-to-use platform Homely.

Through the partnership, Equifax will provide Homely – which aims to digitalise the home-buying process for UK consumers by combining data, rewards, education and recommendations – with Open Banking and credit insights, including a consumer-facing “score”, affordability “characteristics” and credit report data.

Equifax data will ensure rental payments are “recognised and rewarded” as part of consumers’ credit and affordability scores, while Equifax will also power the platform’s user registration journey with its ‘Open Banking ID’ solution, which verifies a customer’s identity.

Paul Birkin, chief technology officer at Homely, said: “Supporting prospective homebuyers on their journey up the property ladder is more important than ever.

“The power of Equifax’s Open Banking technology and credit insights helps us to provide people with easy-to-understand actions to become home-ready, whether for their first mortgage or next property.”

Homely’s direct-to-consumer platform is expected to launch later this year, providing connectivity to several lenders and home-buying schemes, while the platform will also be available through white-labelling for lenders and mortgage brokers.

“Homely is helping to advance the homebuying experience for people across the UK and we’re excited to help power their new platform with our credit score data and Open Banking solution,” Craig Tebbutt, chief strategy and innovation officer at Equifax UK, added.

“Building a transparent picture of customer affordability in the home-buying journey is vital, and solutions that recognise customer creditworthiness through rental payments history will help boost financial inclusion and unlock new markets for lenders along the way.”

Watch Open Banking Expo TV: How Open Banking can change the face of credit, featuring Emma Steeley, chief executive officer of Aro and William Napier, product and marketing director, consumer solutions at Equifax.