Nude launches Team up with a double Lifetime ISA for new home buyers

By Joy Dumasia

Nude, the recently launched finance app for first-time buyers saving for a home, launches its first-to-market ‘Team up’ feature to give couples, friends and family members, for the first time, the tools to collaborate on a huge financial milestone building the deposit for their first home together.

‘Team up’ is not a joint savings account. Instead, each person can 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. As a duo, this could add an extra £2,000 towards their home every single year. 

Nude aims to make it easier than ever before for anyone looking to own a home by bringing the whole process into one app. It’s the one place where partners can open savings or investment accounts for their deposit, keep track of their joint progress and count down to the day they buy their first home together.

It works by first creating a ‘joint goal’ based on their first home budget and the percentage they want to pay for their deposit. It then displays the balance of each person’s Lifetime ISA side-by-side. 

Crawford Taylor, CEO and Founder of Nude, commented: “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.”