StepLadder came to FinTECHTalents this year to show the community that Generation Rent can get on the property ladder via money circles.
What does StepLadder do – what problem are you solving?
We’re helping First Time buyers own their own home faster (& better)!
We are here to fix a broken system for generation rent.
We believe our unique collaborative finance solution can transform the experience
Want type of customer is StepLadder aimed at?
Anyone in the UK, to start, who wants to own their own home and have begun, or are ready to begin, saving for a deposit
We understand prospective first time buyers want support through the home-buying process. StepLadder members have someone on their side over months, and years, as they continue from saving to buying their home.
Homeownership rates among 25-34 year-olds have collapsed from 60% to 35% for over a decade — meaning 250,000 to 300,000 qualified home buyers have gone missing every year in the UK. That’s 3-4 million people our solution could help.
StepLadder is a ROSCA scheme (or money circle) – for those of us unfamiliar with these types of savings and credit circles please explain how they work and their advantages.
HOW STEPLADDER CIRCLES WORK
Let’s take an example of 6 people who start saving for a £6,000 deposit in January and are all saving £1,000 a month.
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 out of 6 people get there faster.
Our service works for any deposit and group size.
VALUE FOR OUR MEMBERS
StepLadder aims to be a total solution for our member’s journey to home ownership
- TIME: 87% of our members get their property deposit sooner
- COMMUNITY: Saving in groups increases chances of success by 300%
- SUPPORT: Group discounts with service providers (e.g. mortgage brokers, solicitors) worth up to £1,500
What is the typical amount of money each customer puts into StepLadder?
We have groups contributing £500, £750, & £1,000 each month.
We’re also just launching First Step – a £25 a month program to help people at an earlier stage of preparing to own their first home get in the habit of saving, improve their credit rating and get to know us at StepLadder.
We will have a range of craft beers available at the event – including a beer designed by artificial intelligence – What type of beer are you looking forward to sampling at the event (or if you don’t drink beer – what is your tipple of choice?)
Dry apple Cider
We also have a FinTECHTalents Spotify Playlist – Please tell us what song you would like to add.
Brothers in Arms, by Dire Straits