Virgin Money is trialling a new app for first-time buyers called Home Buying Coach.

The tool helps prospective buyers create a plan for how they will get onto the property ladder and calculates what they are able to afford over a range of timescales.

The app, which has been created with technology firm Life Moments, also helps buyers to understand the steps in the house purchase process.

During the four-week trial phase, thousands of Virgin Help to Buy ISA customers and staff members will be invited to download the app before it is rolled out more widely.

Virgin Money head of transformation Simon Wallace says: “Home Buying Coach is a great example of how we can use our strategic partnerships to create innovative propositions that enhance the customer experience. 

“This app reflects Virgin Money’s wider digital transformation strategy of helping customers maximise control over their finances. 

“Using technology, we want people to be able to access and make decisions about their money whenever and from wherever.”

Life Moments chief executive Ben Leonard says: “We are delighted to be working with Virgin Money to do more to help their first-time buyer customers get on the housing ladder. 

“The Virgin Money corporate purpose to make people happier about money and their focus on experience over transactions made this a natural fit for Life Moments. 

“We are confident our digital coaching and insights platform can support them in achieving their goals.”