Is my money safe with StepLadder?
Watch Matthew Addison (founder at StepLadder) and Lucy Mullins (Co-Founder at StepLadder) explain the answers to our top most common questions.
We expect you will get back all of the money you’ve put in (excluding the applicable administration fees) when either you receive your property deposit or at the end of the circle’s term. StepLadder members are not covered by the UK’s Financial Services Compensation Scheme (FSCS).
Your experience at a StepLadder member is designed to be independent of what any other member of your circle does. When you join, you are making a commitment for yourself to StepLadder and your fellow circle members to a set of fixed monthly contributions for a fixed period of time.
StepLadder treats all fixed monthly contributions as client money with MangoPay. This means that your money sits separate and apart from our general operating funds at MetroBank. We also have regulatory capital in escrow and wind-down funds set aside in case something happens to us.
To account for specific unexpected circumstances such as losing a job or illness, StepLadder has payment waiver cover in place. This cover is one part of StepLadder commitment to members who continue to make their fixed monthly contributions even when other members can’t pay.
StepLadder and its hosts are not authorised by the FCA to give regulated mortgage advice, but we can introduce members to carefully selected, FCA authorised regulated mortgage advisers, whom we believe offer our members excellent prices and service.
To find out more about how StepLadder could help you raise your property deposit!