FirstHomeCoach’s digital platform allows users to calculate how much they will need to save for a deposit each month to achieve their homeownership goals within their chosen timescale.
It also helps them improve and build their credit score, guides them through the mortgage process, assists with house hunting and then offers support in finding a solicitor. It even provides guidance on home insurance and moving into the new home.
Poor credit borrowers
Currently available online, and soon-to-be launched in app stores, the platform is aimed at those homeowners who might lack knowledge or confidence of the house buying process, have a poor credit rating or who are struggling to save for a deposit.
According to FirstHomeCoach, it helps people to use data to help themselves. The company behind the new digital platform has already won a Government-run challenge to create a digital solution to help rent to be recognised on credit reports, scooping £100,000 of funding to help develop its platform as a result.
Now, with homeownership rates falling in the UK and the age of the average first-time buyer being 30-years-old, FirstHomeCoach is keen to try and reverse the current trend which is preventing such a large proportion of ‘Generation Y’ from getting onto the property ladder.
Ben Leonard, CEO of FirstHomeCoach, said: “Everything we do stems from a desire to do things better for people – empowering them with the keys to unlock their own data and play life, better.
“Many young people do not believe that getting onto the ladder and buying their first home is an achievable goal which creates real social inequality.
“FirstHomeCoach’s purpose is to give anyone who wants to put down roots and call a place home, hope, that this can become a reality for them.”
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