There are many reasons why improving your credit score is important. But for many people it’s all about buying their first home.

CreditLadder gets that, which is why we’re keen to help wannabe first time buyers get ready for the big buy.

It’s why we recently signed a partnership with a new digital mortgage partner which can offer our users personalised mortgage recommendations within 15 minutes.

Once you join CreditLadder and begin reporting your rent through our Open Banking-based service, we will advise you about which mortgages deals you're likely to be approved for.

It’s not as difficult as you think

Here are a few first time buyer facts that reveal why getting on the property ladder isn’t as difficult as many young savers think.

• It takes three-and-a-half years to save up to get on the property ladder if you put £843 a month aside, according to research by the Post Office.

Read more about how to save up money for your first home.

• Interest rates are at historic lows, particularly if you borrow using a five-year fixed-rate mortgage.

• The government’s Help to Buy equity scheme has been extended to 2023 so there’s still plenty of time to apply if you want to buy through the scheme.

“The biggest challenge for many first time buyers is that they have no idea if they will get a mortgage or whether their credit score and finances and in good enough shape to get the green light from a lender,” says Sheraz Dar, CEO, CreditLadder.

“This can feel like a daunting task and puts many people off moving forward with their home-owning plans.

“At CreditLadder we are always looking at ways in which we can help our users, and we realised that our rent reporting service could help people find out if they are mortgage ready.”

People can improve their scores without having to borrow money. If you want to improve your credit position by reporting your rent payments, CreditLadder is the only way to improve your credit score and position across all three of the main Credit Reference Agencies in the UK, namely Experian, Equifax and TransUnion.

Sign up to report your rent for free through CreditLadder and find out the best mortgage deals that suit your financial situation.

CreditLadder can help you improve your credit score

If you want to improve your credit position by reporting your rent payments, CreditLadder is the only way to improve your credit score and position across all four of the main Credit Reference Agencies in the UK, namely Experian, Equifax, TransUnion and Crediva. Building up a high credit score has a lot of benefits, including helping you access finance at better rates - this can also help save you money.

CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.

Remember the information provided in this article is for information purposes only and should not be considered as advice.