Tech platform launch aims to reduce ‘time to own’ by 30%
Technology platform RenterBuyer has launched, with the aim to reduce the time it takes to own a property by 30%.
The AI-powered platform has launched in partnership with Experian.
According to the platform, which was in the Pi Labs PropTech VC accelerator fund, it came to the 30% time reduction projection through testing with real first-time buyers over the past 12 months.
Once a user has entered their key financial information in the platform, RenterBuyer’s proprietary algorithm creates a unique ‘purchase readiness’ (PR) score and provides an estimate of how quickly the user in question can own their home.
The higher the PR score, the quicker the buyer is likely to own.
Users get information, checklists, tailored offers and can also connect with trusted advisers to assist with mortgage finance and property search.
RenterBuyer is using Experian’s affordability passport, which employs open banking to understand people’s income and expenditure.
The partnership with Experian aims to speed up the sign-up process, as much of the key financial information is pre-populated instantly from the user’s credit file and banking data.
The technology is also able to analyse a user’s current account activity and suggests opportunities for them to save money, boost their deposit or improve their credit score.
Furthermore, the platform offers aspiring homeowners an extensive practical checklist of things they can do to reduce their time to own.
Through the ‘tailored offers’ section, users can also access a number of first-time buyer schemes available, including mortgage, savings and credit improvement products.
Olu Olufote, chief executive of RenterBuyer, said: “Most first-time buyers start their property ownership mission by contacting a mortgage broker or an estate agent, then quickly realise these people can really only help them after they’ve saved up the required mortgage deposit or have achieved a good credit score.
“Without these, there’s not much the mortgage broker can do. As things stand, there’s no all-in-one service that actually helps you get ready, taking you step-by-step through how to save up a deposit, improve your credit score and become purchase-ready quicker.
“That’s where we come in. RenterBuyer’s service is personalised to each user and designed to provide practical guidance on how to get purchase-ready quicker than you would ever manage on your own.
“Our service is what’s needed before most users should even approach a mortgage broker or estate agent.”
Lisa Fretwell, managing director of data services at Experian UK&I, added: “The journey to owning your own home doesn’t take place overnight — often it requires years of preparation, research and saving.
“We’re excited to be working with RenterBuyer to make the process just a little easier by using our affordability passport.
“It helps RenterBuyer to quickly understand a person’s current financial situation so they can offer practical advice to get people closer to their dream homes.”