Nude introduces new feature to support deposit-building for homebuyers

Financial advice firm Nude has unveiled a new feature aimed at providing people with the tools to collaborate on building a deposit for purchasing a home.

Nude has launched ‘Team Up’, which the company claims will help people choose to save or invest their deposit in a Nude Lifetime ISA and receive a government bonus of up to £1,000 per year for free. For couples, this could lead to an extra £2,000 towards their homes every year.

Established in 2019, Nude is a mobile app that shows first-time homebuyers the length of time until they can buy a house, breaking it down by location, property type and how much they can save. Insights are given on spending to increase savings and how to get saving boosters such as government support.

The firm claims it aims to make it easier than ever before for anyone who is looking to own a home by bringing the whole process into one app.

Nude CEO and founder Crawford Taylor said, “Before people buying a home together would have separate apps, who-saved-what spreadsheets, and the whole thing would be so disjointed that it would take all the fun out of it. With ‘Team up’, we want building a deposit together to feel collaborative and exciting. Plus, when you consider the impact of two Lifetime ISA bonuses, it can be, quite literally, life-changing for people. An extra £2,000 a year could help them buy their first home months or even years sooner.”

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