How first-time buyers are working together to get their deposits

StepLadder is a type of savings club that could speed up your plans to buy a home – but there are risks

Mortgage for average first-time property needs income of £37,096

Mortgages: how to get a loan as lenders pull up the ladder

It can take years for many people to save up enough cash to get on the property ladder – so what if there was a way to dramatically cut the time it takes to raise a deposit, perhaps down to as little as a couple of months?

Such a scheme does exist in the UK. It is called StepLadder and it allows people to team up with other aspiring first-time buyers in a sort of savings club. Everyone regularly pays in the same amount and each month one member is picked at random and receives all of the cash in the pot, which could be the full amount they need for their deposit.

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from Property | The Guardian https://ift.tt/35vVSQ2
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