Buying your first house or flat is a rite of passage that lets you say 'look at me mum, I'm a real adult now'.
Sadly in the age of high interest rates and a cost of living crisis where the price of everything from tea bags to Lurpak has gone through the roof, saving to buy a property is only a dream for millions who would love to say goodbye to renting for good.
But that's still not enough for ignorant boomers to have their say, whether that's hitting out at 'too much avocado on toast or posh coffees' or saying 'well back in my day we didn't have the luxury of sitting around Netflix when we worked 14 hour days'.
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Well boomers, back in your box. Because there is a way to make your regular subscriptions to Netflix and other mod cons pay when it comes to securing a mortgage.
This week, a new 1% deposit mortgage scheme was released by Yorkshire Building Society, allowing those who can't afford a big deposit to still buy.
There's details on how you can qualify for it, but it's also worth knowing that it is not risk free and a warning has come along with it.
It comes after Leeds Building Society announced another scheme in 2023 that allows subscriptions to services such as Netflix, Disney+, Prime Video, or Spotify to contribute towards your mortgage capability.
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It will also look at council tax and any other investments or savings you have, such as ISAs.
The building society was the first in the UK to start using payment data recorded on Experian Boost when considering mortgages.
Experian Boost is a form of open banking run by credit reference agency Experian. It works by compiling a record of regular debit payments that don't normally appear on your credit file.
These will then act as a 'boost' to your credit score and could improve your ability to look credit-worthy to lenders.
How to benefit
Martin Lewis' Money Saving Expert team say: "To benefit from today's changes you'll need to be signed up to Experian Boost, which is free to do.
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"It'll mainly help first-time buyers rather than those who've already got a mortgage, as repaying an existing mortgage is more impactful on a credit file than paying direct debits, but re-mortgagers could benefit to some extent too."
David Hollingworth of broker L&C mortgages, told ThisIsMoney.co.uk: "First time buyers face so many challenges in trying to buy that it’s encouraging to see lenders looking for ways to remove some of the hurdles.
"If saving a deposit and being able to borrow enough to meet high house prices wasn’t a big enough task, many will be worried that their credit file will be too thin to meet the lender’s requirements.
"Being able to draw on the track record of managing regular payments over time could help lift the credit score and can only help more qualify for a mortgage."
Topics: Amazon, Amazon Prime, Cost of Living, Disney, Disney Plus, Home, Money, Music, Netflix, Spotify, UK News
Tom Earnshaw