Homewards: Win £1,000 Towards a Deposit on a House
Homewards was created to help aspiring homeowners to save for a deposit on a house. Founded by two 20-something year olds frustrated with the lack of home ownership for young adults (also known as generation rent).
What is Homewards?
The Homewards app will allow members to automatically earn cash rewards from everyday retailers when they spend using their linked credit and debit cards. These cash rewards are then transferred into a Lifetime ISA and can be used towards a deposit (or retirement fund).
Retailers pay Homewards commission when members make a purchase with them. Homewards then give this commission back to their members as ‘cashback’. This is then transferred towards a Lifetime ISA (LISA).
How much can I Save with Homewards?
According to the Homewards page the average person can expect to make around £300 a year with Homewards. This will, however, vary person-to-person depending on your spending habits. One way to boost your savings is by inviting your family to pool cashback – the more of you pooling your cashback together, the further your deposit gets boosted.
Where is my money saved?
Any cashback you earn through Homewards gets transferred into a Lifetime ISA (LISA). You can use either a Cash LISA or Stocks & Shares LISA. If you already have a LISA Homewards will pay into your existing LISA, otherwise Homewards will help you set one up. LISA’s provide the account holder with tax-free benefits and up to a 25% government bonus on top of your savings. You can only use the money to contribute towards the deposit for your first home (or to go towards your retirement).
Win £1000 towards a deposit
Homewards, currently in pre-launch, has released a website where you (and your family) can register for early access to the Homewards app. By registering your interest you will also be entered into a prize draw for a chance to win £1000 towards a home deposit. Get on the waitlist & win £1,000 towards your deposit!
Get on the Property Ladder
Here are some of my top tips to help you save for a deposit and make your first move towards getting on the property ladder.
- Open a Lifetime ISA/Help-to-Buy ISA
- Move away from renting – temporarily move in with family if you can
- Boost your income – check out my list of side hustles
- Do your research (estate agent fees, solicitors fees, loan origination fees and more!)
- Improve your credit score
For more tips on saving up for a deposit on your first home check out my First Homes, Mortgages & Property Development section.