Life as a tenant is tough but there is light at the end of the tunnel thanks to OpenBrix and their tenant lifecycle app, tlyfe.

December 2022, Life as a tenant in the UK is tough at the moment, with mortgage rates up and consequently rental payments on the increase, stamp duty cuts due to end in March and the ever-evolving cost of living crisis, spiralling costs are hitting tenants from every angle even down the cost of a pint of milk.

Recent statistics show that first-time buyers are nearing the age of 40 before they can buy a home, taking them around 7.5 years to save enough money for a mortgage deposit, putting huge financial stress and burden not only on tenants but in many cases their extended families and peers.

However, guardian angels come in all different shapes and sizes, the current glimmer of hope coming in the form of prop-tech platform OpenBrix and their ‘Tenant Lifecycle Management Solution’, tlyfe.

tlyfe is positioned as the UKs most innovative tenant lifecycle app, taking the stress out of the move in process and tenancy as a whole, helping provide tenants support with a low-cost cash deposit solution, proving their right-to-rent and work check, deposit protection, digital identification and verification whilst also helping them to build their credit profile, simply by them paying their rent on time each month.

OpenBrix are no strangers to the property industry, having been around since 2018. Their latest product offering, tlyfe, is set to revolutionise life as a tenant and through some carefully selected partnerships, the true tenants champion has finally arrived.

To help tenants build their credit position and prove their ability to pay a future mortgage OpenBrix have partnered with CreditLadder, allowing tenants who use the tlyfe app to be able to record their monthly rental payments. This is the only way to report rent payments to the four main UK credit reference agencies,  Experian, Equifax, TransUnion and Crediva

Not only does this give conscientious tenants a leg up in proving to mortgage lenders their ability to make regular monthly payments but also helps provide landlords and agents that extra step of security when looking for new tenants.

Sheraz Dar, CEO at CreditLadder, said: ‘At CreditLadder, our sole mission is to help UK tenants access fairer finance, having a strong credit report and score can help tenants improve their access to credit and accomplish their financial goals, whether for everyday living or for bigger ticket items like buying their own home, we see our partnership with OpenBrix and tlyfe as being key to tapping into the entire rental market’

OpenBrix has also partnered with digital bank Zopa, the London based tech unicorn with 17 years of lending experience. 

Zopa bank will support tenants with its fair and transparent financial products, providing credit options for tenancy deposits and a wider number of related purchases like white goods, electrical appliances, and furniture.

Tenants are able to access these products via the tlyfe app, ensuring a seamless application process in real-time, creating a quick and convenient resolution to easing any financial woes that they may be facing.

Ed Massey, Head of Partnerships at Zopa bank, said: “We are proud to be working with OpenBrix to offer tenants the tools and financial services that can make the rental process smoother, especially during this unprecedented cost-of-living crisis.”

To help boost the launch of tlyfe and provide additional benefits to their own customers TDS, the UK’s largest tenancy deposit provider, has partnered with OpenBrix in a collaboration that will allow TDS tenants to view and manage their deposits within the app free of charge, anytime, anywhere, giving accelerated access to over 4 million UK tenants.

Steve Harriott, Group Chief Executive at TDS, said: ‘We’re thrilled to be partnering with OpenBrix and to be a key partner of Tlyfe, an exciting new tenant app to help tenants manage their deposit and their renting experience. The relationship is all about driving innovation, and ultimately making life easier for our customers.’

 Speaking on behalf of OpenBrix, Chairman John Hards, added ‘We find ourselves in a fantastic position through creating a free to use consumer app aimed 100% at supporting tenants. Through our carefully curated partnerships we truly believe we have a one-stop-shop that not only relieves some of the stress and pressures that tenants are under today but helps to future proof their onward property journeys’

Find out how OpenBrix can help your agency here.