FirstHomeCoach are launching a new ‘smarter savings’ collaboration in their Home Buying Services hub to help those struggling to save a deposit.
Using data from home-buying app FirstHomeCoach, the insights reveal a surge in savings during
2020, with many saving over half of their take-home pay. Yet, despite this, falling 95% mortgage
availability and rising house prices meant the deposit target was becoming less in reach. This was particularly acute for those with incomes under £30k whose ability to meet target deposit levels, in
some cases, reduced by over two thirds between Q1 and Q4 2020.
This paints a disheartening picture, despite the best effort of first-time buyers to maximise their savings, and further proves that people need more help. In response, FirstHomeCoach have decided to launch a campaign for Smarter Savings.
Ben Leonard, co-founder of FirstHomeCoach, said: “We created FirstHomeCoach to help first-time buyers get a property faster, cheaper and smarter. This is an uphill task but we believe our Smarter Savings feature can go some way to supporting savers in their journey. We can’t do this alone and are delighted to have the ability to collaborate with some great firms who bring rewards, trust and transparency to the savings process”.
The new FirstHomeCoach partners – JamDoughnut, Offspring and Smart Money People – join Unity Mutual and Switchd in the Smarter Savings section of the Home Buying Services hub in the app. All the firms have pledged to work together over the coming months to deliver new content, tools and services to further enhance the experience for first-time buyers. Jacqueline Dewey, CEO at Smart Money People said “We are delighted to be working with FirstHomeCoach to help their customers make more informed decisions by providing them with access to real life product reviews which are written by their peers. We know reviews are an essential part of a customer’s decision-making process and by working together we can help make these processes easier for everyone.”
James Walker, CEO at Jam Doughnut said “We all want help everyone to be financially better off, and so by combining forces we can help more consumers to achieve more with less effort – better outcomes for everyone”
Avinash Rajan, CEO at Offspring said “We are excited to be working with FirstHome Coach to develop tools and content to help families save better together. Given the increasing size of house deposits, family help is becoming more important and using the Offspring social savings tool we make it easy to invite parents, grandparents, aunties and uncles to contribute”
About Life Moments:
Life Moments is a digital coaching business set up in 2018 to help people Play life better. Through their LifeHub platform, they are working with clients to make digital coaching a core component of consumer propositions, creating a more engaging experience and delivering better customer outcomes.
Offspring is a social saving tool. It helps family, friends & communities save together towards their goals. Launched in 2019, Offspring makes gifting to children and grandchildren easier, and records gifts for Inheritance Tax Planning.
About Smart Money People:
Smart Money People is the UK’s largest financial services review website and insight business. Launched in 2014, Smart Money People uses its review data to help consumers research financial
providers, and works with financial firms to improve their customer experience.