Cardiff University graduate launches new app for home buyers

A Cardiff University engineering graduate is looking to help home buyers boost their deposits with a new smartphone app.

Ben Milsom is the co-founder of Homewards, which provides users with automatic cash rewards from everyday retailers as they save for a mortgage.

Set to launch later this year, the app allows users to transfer rewards into a lifetime ISA when they make purchases using their linked credit and debit cards.

As well as earning money from retail purchases, users can also set up joint accounts so that families and friends can put money away together. Once reaching an agreed goal, they can withdraw funds.

Homewards has released a website for first-time buyers and their families to register interest. The app is expected to launch later this year.

Ben told Tech Dragons: “Since my Co-founder, Freddie, and I started on Entrepreneur First we were determined to tackle the issue of a ‘collapse’ in homeownership for a generation. 

“We toyed with dozens of solutions, eventually pivoting from a complicated financial product to what Homewards is today – a card-linked offers programme for families to automatically combine cashback, from retailers, into a Lifetime ISA – boosting a home deposit, effortlessly.”

Freddie Altman, CEO of Homewards, said: “Saving is similar to dieting. You can’t expect deep-seated habits to change overnight.

“But if you want to see immediate results,without needing to change any behaviours, there are some quick wins that’ll get you onto the right track, fast – both for dieting and saving for a home.

“That’s what Homewards is all about. We’re not here to replace saving, but rather to give people the kickstart they need, helping boost their motivation to save…and their home deposit at the same time.”