Published 20 Feb 2019
StepLadder - Helping first time buyers raise a deposit
Have you heard about StepLadder?
StepLadder is a new service which aims to help first time buyers raise a property deposit and buy thier first home faster.
StepLadder helps to match first time buyers with other first time buyers looking to save for a house deposit based on your deposit target. Each month, everyone in the groups pays in the same set amount of money, and one member is awarded the total. This happens each month until every member is awarded the total.
An example of how it works:
Let’s take an example of 6 people who all need to save a £6,000 deposit , and all start saving £1,000 a month in January.
- Saving alone they would all take 6 months and have their full deposits in June.
- Or they could join a StepLadder circle, pay in the £1,000 a month and each month one of them would be selected, at random, to receive the full £6,000 deposit.
- By lending and borrowing from each other in this way 5/6 get there faster.
- We offer a range of monthly amounts from £500 per month ranging 10 months to 50 months depending on your budget and the deposit you need to raise.
Shanae’s Story…
Having rented in London for years with her young son Jayden, Shanae is over the moon to be getting the keys to her first home. Shanae received her £5,000 deposit four months after joining StepLadder.
“StepLadder gave me so much personalised support during the home buying process. That was the golden ticket for me, I really appreciated having that one-to-one support”

Shanae used StepLadder to help raise a deposit
StepLadder FAQ'S
- How are property deposits allocated? - Through random lottery. Everyone has an equal monthly chance.
- You want to drop out before drawing a deposit? - No problem – you would get your money back at the end of the circle.
- You can’t find a place you want to buy? - Your deposit funds are held safely in a third-party custody account until you are ready to purchase.
- You draw the deposit, purchase the property but can’t make the monthly repayment? - If you can’t pay, a waiver covers future payments. If you don’t pay, your reserve payments bridge the monthly payments avoiding disruption while we initiate a resolution.
- How does StepLadder make money? - Whilst we do charge you a monthly fee, this is not for profit. Where we make our money is by introducing you to mortgage lenders and service providers (e.g. solicitors, insurance providers) who pay us a fee if you chose to use their
services when purchasing your home. - What if someone else stops making payments? - It’s Stepladder’s problem, not yours. We have financial measures in place that makes sure draws continue for everyone else uninterrupted.
- What is Stepladder’s regulated status? - We are an appointed representative of More Lending Solutions which is Authorised and regulated by the Financial Conduct Authority for P2P, you can find us on the FCA register our reference number is 783003.
StepLadder is not legally affiliated with Peabody. This article is for information purposes only.
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