Meet Frank, Stella, and Pat - three friends from Uni.They live together now in London.
Let's hear their story.
They all have had their jobs a couple years, and each is starting to think about buying theirownhome.
Our story starts in January:
Frank hears about StepLadder and tells his friends Stella and Pat.
“It'snew...StepLadder empowers qualified first-time home buyers like us, to get on the property ladder faster, by collaborating with peers.“
Pat and Stella decide to do things themselves.
ButFrank joins Stepladder and ismatched to a circle of first time buyers just like him. He agrees to an £800 fixed monthly contribution for 40 months. Each month StepLadder randomly selects one member to receive their property deposit.
Pat's also going to commit £800 each month for 40 months, but with his same old bank...
Stella's also going alone. She figures she'll save a bit here and there. Besides, that year end bonus is just a few months away... shehopes.
It's August and now Stella's decided to go on an epic beach holiday, but there go half of her property deposit savings, too! She tells herself she'll get serious when she gets back.
It's October and Frank gets his property deposit! Woohoo!He's also offered an agreement in principle for a £320,000 mortgage.
Estate agents start showinghimproperties that fit his budget, and now, it's weekends viewing properties...
Frank finds the house he wants, and his offer is accepted.
Now,Frank has his choice from StepLadder's panel of lawyers, surveyors, and other property specialists.
It's December and Pat has £9600 in his same old bank... oh and just about enough in interest to buy Frank a housewarming gift.
Hardest bit for Frank after moving the furnitureis planning the party.
It'stwo years later.
Frank can't believe what property prices in his area are selling for. Plus, he's getting pretty handy at DIY...
Pat finally has his £32,000. Hmm... but what can he get with that now? Plus, which mortgage makes sense? And what's this about stamp duty, too?!!
Stella's finally decided... she's going to join StepLadder.
You're a real by-the-books type . You pay your rent on time; all your bills are on direct debit; you always remember to call your grandma on her birthday. Plus, every month you save a slug of your salary toward a deposit on your first home.
But here's the thing: at the rate you're going, it'll take years to save for that deposit. Years of paying rent when you could be paying off a mortgage - years for property prices to rise even more - years spending time and money beautifying someone else's property when you could be doing DIY on your own home.
Then it occurs to you: there must be loads more by-the-book types just like you. In fact, there are probably some right down the road. If only you could work together , instead of each of you saving alone .
We totally agree. We’re StepLadder and we've got a group of deposit-saving, direct-debiting, grandma-phoning types just like you – and we’re looking to match you up to buy your own home faster than if you saved by yourself. On average, you can expect your deposit in half the time ! We'll also help you get deals and the advice you need to buy a house like an expert . Just go to joinstepladder.com to learn more.
You've always been a real fly by the seat of your pants type . You pay your rent and bills on time, but the rest of what you're making goes to having great stories to tell. Now that guilty voice in your head is getting louder. It's telling you that you should be saving some of your pay each month towards a deposit on your first home. But it seems there is always something else to be done with the money.
But here’s the thing, the guilty voice in your head is right. At the rate you are going, it will be years before you get on the property ladder. Years of paying rent when you could be paying off a mortgage.
Years of property prices to rise even more. Years of giving your money to your landlord to enjoy, when you could be investing in your own fun future <sigh>
Then it occurs to you; there must be loads more time-to-get-serious types just like you. In fact there are probably some right down the road. Maybe teaming together would finally get the job done. You can motivate each other to stay on-track and reach that first rung of the property ladder faster.
We totally agree. We’re StepLadder. We’ve got a group of fun-having, story telling, guilty voice nudging types just like you - and we’re looking to match you up to buy your own home faster than if you save by yourself. On average, you can expect your deposit in half the time. We’ll also help you get deals and the advice you need to buy a house like an expert. Just go to joinStepLadder.com to learn more