AppsBanking

Homewards: New App to Help You Save For A Mortgage Deposit

Founded by Freddie Altman and Benjamin Milsom, two 20-something-year-olds frustrated with the lack of homeownership for our generation, Homewards was created to start a new way of saving for a home deposit that fits in with everyday lifestyles.

When launched later this year, Homewards’ app members will automatically earn cash rewards from every day retailers when they spend using their linked, existing, credit and debit cards. 

These cash rewards are then transferred into a Lifetime ISA, to be used towards a home deposit.

To boost a home deposit fund further, multiple people can contribute their cash rewards to one account so that families and friends can put money away together. 

Once members have reached their goal they can withdraw the funds, which will then be paid directly to their solicitor when a property is purchased.

Freddie, the CEO, says “Saving is similar to dieting. You can’t expect deep-seated habits to change overnight. But, if you want to see immediate results, without needing to change any behaviours, there are some quick wins that’ll get you onto the right track, fast – both for dieting and saving for a home.”

That’s what Homewards is all about. We’re not here to replace saving, but rather to give people the kickstart they need, helping boost their motivation to save… and their home deposit at the same time.

Homewards, currently in pre-launch, has released a website for first-time buyers and their families to register for early access to the Homewards app and for a chance to win £1,000 towards a home deposit at www.homewards.io.

Update (August 2019): The Homewards.io website, Twitter and YouTube accounts appear to have been shut down – thus our assumption is that the project is no longer in operation.

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Master of the budgets. Provider of the tips. Author and owner of DumbFunded.co.uk.
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