Are you one of the UK's 1.5m frustrated FTBs?

Despite home ownership being considered part of the British dream, a recent survey revealed that there are 1.5 million or more tenants in the UK who are frustrated first-time buyers.

The Experian research also revealed that a third of private renters are having to spend longer waiting to get on the property ladder than originally planned.

And one in five private tenants feel that renting is their only option. This is because either they don’t believe that they will be accepted for a mortgage, or are struggling to find a deposit.

“Many would-be first-time buyers face the challenge of saving for a deposit on a home while paying rent each month," says Experian’s Jonathan Westley.

One in four of those surveyed said they intended to buy a place of their own sooner rather than later.

Ane one in ten said they were saving for a deposit and believe they will be able to buy within the next 18 months, while 16% thought it wpould take between two and five years to build up a deposit.

Regular payments

Despite making regular payments for their housing, private renters don’t see this reflected on their credit report in the same way mortgage payers do.

“Yet the rent paid by tenants isn’t reflected on credit reports in the same way homeowners benefit from making regular mortgage payments," says Jonathan.

"By adding this data, people aiming to buy can build a stronger credit history to help them get a more competitive mortgage rate, while long-term renters can prove their identity when they apply for online services.”

Remember, CreditLadder can help you improve your credit score.

CreditLadder can improve your credit position by reporting your rent payments. CreditLadder is the first 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. 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 content provided in this article is for information purposes only and should not be considered as advice.