Property Deposit Help For First Time Buyers could be easier than you think. If you dream of buying your first home, saving up for the deposit may be a daunting prospect. Don’t worry because the clever people over at StepLadder could help you get your foot on the property ladder. Sounds too good to be true? It isn’t, read on to find out property deposit help for first-time buyers is within reach.
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StepLadder Provides Property Deposit Help For First Time Buyers
StepLadder was set up with the ultimate aim of being a friend to first-time buyers. The goal is to help individuals, couples and friends raise their property deposits faster. It’s not just about the money, Stepladder also provides support on the journey to homeownership. They can help by introducing you to mortgage lenders and service providers, so you’ll be looked after.
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The StepLadder service is based on a community collaborative finance solution which has been used around the world for hundreds of years. It works by matching first time buyers with other first time buyers who want to save for a house deposit based on similar deposit targets. 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.
Meet Shanae, StepLadder’s First Member to Buy a House
Meet Shanae who was the first StepLadder member to buy a house last year. She drew her £5,000 deposit four months after joining Stepladder. She said “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.”
How StepLadder Helps Raise The Property Deposit For First Time Buyers
Here is how the scheme works in more detail – StepLadder connects a group of six people who all need to save a £6,000 deposit. They all start saving £1,000 a month in January. If they were saving alone, they would all take six months and wouldn’t have their full deposits until 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. Members get their deposit 87% sooner than those saving alone which is something to smile about.
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By lending and borrowing from each other in this way five out of the six people get their deposit faster. StepLadder offers a range of monthly amounts from £25 per month. You can also save from 10 months to 50 months depending on your budget and the total deposit needed. Matthew Addison, Founder and CEO of StepLadder says, “We set up StepLadder to be a friend to first-time buyers who really need somebody on their side in the journey to homeownership. We are here to help fix a broken system.”
StepLadder Property Deposit For First Time Buyers Information
To find out more, visit the StepLadder Website which explains how everything works. You can use the Mortgage Calculator online to ascertain how much you need to save. Couldn’t you do with somebody on your side? See if StepLadder could work for you.
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Step Ladder Solutions Ltd (FRN: 783003) is an appointed representative of More Lending Solutions Limited which is authorised and regulated by the Financial Conduct Authority (FRN: 702503). Capital at risk.
Author: Homegirl London. Photographs: StepLadder, featured image shows FC Aspen White Extending Dining Table by Furniture Choice Ltd, additional images in the feature are courtesy of Mindthegap, DelightFULL, Swoon and Lights4fun. Disclosure: This is a sponsored feature.