The Government is due to launch a £2 million Rent Recognition Challenge Prize to enable the development of technology that will allow rental tenants to record and share their rental payment data with lenders and credit reference agencies.
It is hoped that this will allow rent payments to be considered by banks when conducting a mortgage affordability assessment. The competition will open to applications in January 2018, and will close to applications in March 2018.
Development will run from April 2018 to October 2018. Winning bids will be selected by a panel of leading figures from the FinTech sector. The competition will provide an initial round of grant funding to 6 promising proposals, who will receive £100,000 each to support the development of a prototype product. Next, the expert judges will select 3 to 4 teams, who will receive additional funding to bring their ideas to market.