- Virgin Money enhances its Home Buying Coach app to help ‘Generation Rent’ onto the property ladder
- App already has over 10,000 downloads and this month adds tool enhancements – including new Coach Credits feature, which will enable first time buyers to access a new, exclusive savings account with a rate of 1.75%
Virgin Money UK plc launches a new Regular Saver account to enhance its recently launched app, Home Buying Coach, 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 - 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.
Other existing key features of the app include:
- Generation of a personalised plan, timeline and saving goals for each user;
- An in-app digital coach which starts conversations, asks questions and delivers prompts to encourage the user into action; and
- Links to details of Virgin Money’s mortgage products suitable for first time buyers including an 85% LTV mortgage product which comes with a £250 cashback***
- 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, CEO 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.”
*The Regular Saver Account pays annual gross/AER of 1.75% AER.
** Up to £250 can be deposited in the in-app savings account each calendar month, the same as Virgin Money’s regular e-saver account.
*** In app 85% FTB mortgage has a rate of 3.24% with £995 fee or 3.79% with no fee. Both options come with an exclusive £250 cashback.