Virgin Money has enhanced its recently launched app, Home Buying Coach, by adding a regular saving account which offers first-time buyers a rate of 1.75%.
The app, launched in August in collaboration with Life Moments, is designed to simplify the home purchase process and help first-time buyers on to the property ladder.
It includes a tool to calculate what users can afford over a range of buying timescales, as well as expert insights and guidance on the home buying process.
The regular saver account is designed to help first-time buyers save for a deposit or other expenses linked to the purchase of a home.
The account will be accessible via a new in-app feature entitled Coach Credits.
Users earn credits for completing items in their checklist and reading knowledge articles in the app, unlocking access to exclusive benefits and products.
Credits can also be used to access Virgin Money mortgage deals which are exclusive to app users.
A new in-app notification feature is also being added, prompting first-time buyers to continue working towards their goals and keep them on track.
Simon Wallace, head of mortgage transformation at Virgin Money, said: “We’ve had great feedback since we launched Home Buying Coach earlier this year, with over 10,000 sign-ups, which tells us that first-time buyers really value the app.
“We’ve added some great new benefits and features, such as the exclusive savings account which will help first-time buyers work towards home ownership even faster.
“The new benefits sit alongside the app’s existing access to expert insight and coaching; tools to calculate what’s affordable and by when, which means homebuyers have a clear plan to work to.”
Ben Leonard, chief executive and co-founder of Life Moments, added: “In these difficult times it is so encouraging to see Virgin Money further invest in the Home Buying Coach to help and support more first-time buyers.
“The speed at which the app has compelled over 10,000 people to download it is a testament to the need and also the Virgin Money brand reach.
“At Life Moments we are delighted with how our digital coaching platform, and the insights it provides, are being used to further evolve this much needed proposition including coach credits and the addition of a great new savings product.”