An innovative approach to financial wellbeing: helping members on their journey to buy their first home
What is Homebuyer Hub?
Most people in the UK think about buying their own home at some point in their lives, and your workforce pension scheme members will be no exception.
Homebuyer Hub, an innovative new tool, is there to help them, whether they're struggling to see how they can possibly save enough, or if they’re full of confidence about their home-buying journey.
What can Homebuyer Hub offer?
Homebuyer Hub is a smart, data-driven way of helping your members on their journey to buy their first home. It can:
Offer support, reassurance and information
Provide personalised guidance
Help your members get a clear view of their savings status
Provide coaching and practical help on the way to their new home
How much does Homebuyer Hub cost?
Standard Life is committed to helping our employers and their pension scheme members engage effectively and fruitfully with their finances. We believe it's something that benefits all of us - provider, employer and member alike.
So we’re providing access to the Homebuyer Hub tool at no additional cost to you, or to your members.
Benefits for your members members
Personalised and unique
Everyone’s home-buying plans are different – one size doesn’t fit all. Homebuyer Hub provides guidance which is tailored to members’ own specific circumstances:
income
savings goals
where and when they’d like to buy
Everything in one place
All the information and support for every step of your members’ home-buying journeys. It’s all in one place and this includes hints and tips on how to get access to wider support, such as government schemes.
Relevant and timely
There's a huge amount of information online, offline and from helpful friends and work-mates - and it can be so hard to know where to start when you're buying your first home. Homebuyer Hub cuts through the noise and provides the right information at the right time.
Their own home-buying coach
Homebuyer Hub guides your members along their own personal journey, with nudges, reminders and helpful next steps suggestions - from what they might be able to borrow, to creating a savings plan right through to surveys and home insurance.
Reassuring for everyone
For your members who might be in a good position to buy their home right now, Homebuyer Hub can help them check they have all the information they need, that they’re doing everything efficiently and that they haven’t missed any critical key stages.
Member video
Watch a quick video summary of the benefits of Homebuyer Hub which talks directly to your members.
Homebuyer Hub
Homebuyer Hub can help you on the journey to buying your first home - from deposit to doorstep.
The Standard Life app now offers you a personal digital coach, supporting you every step of the way to your dream home.
Homebuyer hub will provide you with helpful tools and information on buying your first home but it won’t provide you with financial advice or recommend any products.
Buying your first home is an exciting time, but the wealth of information out there can be daunting.
You might be thinking...
What do I need to know?
Well, don’t worry! Homebuyer hub brings everything you need to know into one place. From information on deposits, saving accounts, stamp duty, to the latest news in home buying.
What do I need to do?
The Homebuyer Hub checklist covers everything you need to do and gives you the tools to help get you there.
You can:
Discover your borrowing power – this will help you understand how much you might be able to borrow and the type of home you can work towards
Make a savings plan – personalised tools can help you see how much you need to save, and in what timeframe, to get your deposit. If you’re thinking, “What if I save more?” or “what if I save longer?”, you can adjust your plan and it will show the difference this could make and help you with these important decisions.
Get help choosing the right accounts – Homebuyer Hub can help you understand your options, as some accounts are specifically designed to help first-time buyers and there’s a number of government schemes you could benefit from.
Then you might ask, what’s next?
Once you’ve saved up that deposit, you don’t have to go it alone. Homebuyer Hub offers you information on how to apply for a mortgage, find a solicitor, find the right home for you and getting building and contents insurance. There’s even some tips on moving in for when the big day comes.
So how can you start using Homebuyer Hub?
You’ll find it in the Standard Life mobile app, on the actions page, under tools.
If you haven’t already done so, download and register for the Standard Life mobile app today and take a step closer to picking up those keys for your first home.
HR Manager feedback about Homebuyer Hub
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The Homebuyer hub is a very useful tool for those wishing to buy their first home, or just understand the housing market better.
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The website and app in general are visual and very easy to understand. Heavy topics like pensions and savings can feel overwhelming but Standard Life successfully manages to break them down into information that is accessible to everyone
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It is really beneficial to have a tool for members at this stage in their life and will help to engage them with their finances and Standard Life beyond buying their first home.
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The hub successfully breaks down what can be quite overwhelming into a bitesize guide. It then allows employees to create their very own plan, allowing employees to understand the impact of their actions.
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The Homebuyer hub is a very useful tool for those wishing to buy their first home, or just understand the housing market better.
"
"
The website and app in general are visual and very easy to understand. Heavy topics like pensions and savings can feel overwhelming but Standard Life successfully manages to break them down into information that is accessible to everyone
"
"
It is really beneficial to have a tool for members at this stage in their life and will help to engage them with their finances and Standard Life beyond buying their first home.
"
"
The hub successfully breaks down what can be quite overwhelming into a bitesize guide. It then allows employees to create their very own plan, allowing employees to understand the impact of their actions.
"
Benefits for the employer
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Employers tell us how important it is to have practical support from their pension provider to help with members’ financial wellbeing. Homebuyer Hub is a great tool to give your members and it can offer practical benefits for the employer too:
Helping you to help your members
Members can feel more in control of what is a significant part of their financial lives and this can help you meet your business’s financial wellbeing commitments
Homebuyer Hub Member Insight Portal
We can provide you with analytics insights. This can provide data to help support targeted interventions at key member life-stages and boost financial wellbeing
Improved performance
Being on top of their finances and feeling a reduction in financial stress could improve your members’ work performance
Supportive culture
Financial engagement and wellbeing is a key part of a supportive, colleague-centred company culture.
Good to know
At a time when increasing numbers of young people in the UK struggle to buy their first home, Homebuyer Hub’s aim is to act as a friendly helping hand, simplifying the process and reducing stress for your members.
Homebuyer Hub is transaction free and does not promote or recommend any product or service, or offer financial advice. It is purely focused on employee engagement and financial wellness.
Data, privacy and security
You can be reassured that Homebuyer Hub is carefully configured to be safe and secure:
No personally identifiable data is ever collected and no financial transactions are made
Any data entered is stored securely
Promoting Homebuyer Hub in your workplace
To help get the message across, we’ve designed some handy campaign materials you can use in your workplace to promote Homebuyer Hub to your members. Just let your Standard Life contact know if you’d like any of these.
How do I get Homebuyer Hub for my members?
If you do not already have access, all you need to do is request it through your usual Standard Life contact and then make sure your members have downloaded the Standard Life app. It’ll be right there in the navigation for them – in the actions page, under ‘tools’.