Nude, a finance app designed to help people purchase their first home, has launched.
Its aim is to make it easier for aspiring homeowners to build their deposit, so they can buy their home sooner.
In the app, Nude helps customers set how much they will need for a deposit and it then shows how long it could take to get there.
A user can then track their progress with the in-app countdown and see how the money they put aside impacts the time it will take them to buy a home.
The app allows for users to connect their bank account to Nude to track their spending and take control of their finances.
Nude analyses customer’s spending to give them personalised ideas and habit-building challenges that could reduce the time it takes to buy.
A ‘team up’ feature is set to launch, where couples, family members or friends buying a place together can both work towards building their deposit while tracking their combined time to goal.
Nude customers can choose to save in cash or invest in a sustainable fund and receive a government bonus of up to £1,000 per year towards their home for free.
This 25% government bonus can help people looking to boost their deposit and reduce the time it’ll take to buy their home.
Crawford Taylor, chief executive and co-founder of Nude, said: “Our early customers keep telling us how motivated the countdown makes them feel”.
“By transforming ‘how much you need’ into ‘when you’ll buy your home’ we’re making it real. No one’s excited about handing over a deposit worth thousands of pounds.
“But when they can picture themselves collecting their keys and decorating their own space, they want to experience it sooner and so, feel encouraged to save more.”
“There’s a lot of noise out there telling people how difficult it is to buy a home. We all know it’s not easy but this constant sense of doom is enough to make anyone feel discouraged.
“With Nude, we want to cut through that noise and instead, give people support, tools and encouragement to show them they can do it. Saving for your first home should be a fun and exciting time.”