UK-based fintech start-up Nude has launched a new app that aims to help people save up to buy their first home.
The Nude app features tools like government-boosted savings and investment accounts, a property finder feature that shows house prices in real time and actionable saving ideas and features to assist aspiring homeowners.
The app’s ‘Time to Goal’ feature will also allow customers to set how much they’ll need for a deposit and will calculate how long it could take to get there.
They can then track their progress with the in-app countdown and see how the money they put aside impacts the time it’ll take them to buy a home.
“Our early customers keep telling us how motivated the countdown makes them feel”, says Crawford Taylor, Nude’s CEO and co-founder.
“There’s a lot of noise out there telling people how difficult it is to buy a home. With Nude, we want to cut through that noise and instead, give people support, tools and encouragement to show them they can do it.”
Like other popular budgeting apps, users can connect their bank account to Nude to track their spending and take control of their finances.
The app will analyse customers’ spending to give them personalised ideas and habit-building challenges that could reduce their time to buy.
The firm also intends to launch its new ‘Team Up’ feature in June — where people buying a home together can both work towards building their deposit.