A first-time buyer app called Huuti is set for launch in January.
Those who want to purchase property will use the app to set a plan of what they want to buy and when – and then the app can set savings targets, monitor their progress and advise on how to reduce monthly outgoings.
The app will be integrated with Equifax as well as a financial agent to assess borrowers’ credit situation as well as the state of their finances, to ascertain how far off they are from getting on the housing ladder.
Osei Downes, founder of Huuti, said: “Our vision is that every millennial that’s looking to buy a home will go through Huuti.
“They will be learning through us; they will be improving their finances.”
When they are able to buy the app will refer first-time buyers to the latest mortgage deals available using data from a mortgage sourcing system, while it will also be able to refer to an online estate agent.
The app will be monetised by referral fees rather than advertising.
Huuti will look to raise funds for the venture in November.
Downes added: “There are people who are trying to be educational and there are people trying to show people how to fix their finances.
“There’s nothing that’s doing both and being proactive about it.
“Right now we have a niche and we will try to capitalise on that as soon as we can.”
The plan is to eventually broaden the app to other financial objectives, such as buying a car or saving for a university course.