BOMADU (Bank of Mum and Dad United) is a safer, fairer banking solution designed to help young first-time buyers overcome the home deposit challenge
Record number of young first-time buyers who can’t turn to the bank of mum and dad to raise the funds needed for a deposit will soon be able to access the cash they need thanks to an innovative new neo banking solution.
BOMADU has set out to bridge the equity wealth gap and the ethnicity gap in home ownership with a range of smart solutions including a current account, savings features and a first of its kind, 100% first home deposit loan.
A Barclays Eagle Labs start-up which also has backing from Fintech Wales, BOMADU is a viable alternative to existing schemes such as Shared Ownership which often take a chunk of the property’s equity, leaving buyers paying rent on top of their mortgage – provided they can raise a deposit in the first place.
Ian Tyler, former Group Head of Capital at RBS and Tesco Bank and now the Chairman of BOMADU said, “BOMADU is a great example of a people-driven business. We recognise that only a very few fortunate people can realistically expect financial help from their parents when buying a home. It can be impossible to save enough when also paying rent and navigating increases in the cost of living. We are on a socially-driven mission to help millions of young first-time buyers fulfil their ownership dreams quickly and responsibly.”
The forward-thinking neobanking start-up’s smart current account is designed to help customers make the most of their money. It’s packed with clever features to maximise savings, including a round up savings option, digital wallet compatibility, credit score boosting and a home deposit loan scheme.
The London-based digital bank will private launch its first ever crowdfunding campaign today, giving early investors the opportunity to own a share of the business.