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StepLadder
jb0407
Posts: 3 Newbie
Hi,
I just heard an episode of 'This week in property' podcast about StepLadder. As the podcast was also for marketing purposes, I wanted a more independent external opinion but couldn't find a thread.
Has anyone used/heard of stepladder? Any thoughts? A
bit of a worry for me was when they mentioned they were not FSCS regulated but i suppose this is the case of most crowdfunding platforms.
Thanks,
Jules
I just heard an episode of 'This week in property' podcast about StepLadder. As the podcast was also for marketing purposes, I wanted a more independent external opinion but couldn't find a thread.
Has anyone used/heard of stepladder? Any thoughts? A
bit of a worry for me was when they mentioned they were not FSCS regulated but i suppose this is the case of most crowdfunding platforms.
Thanks,
Jules
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I wouldn't touch it with a bargepole, personally..."If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)0 -
Hi Julie, This is a good scheme but the only worry I have is that it’s not regulated by the FSCS but they have mentioned that the FCA regulate them. My only concern is when the company decide to dissolve the Limited company and the consumers are left chasing their money which can not be regained as the limited company is liable for the debts not the individual. This is were the FSCS come in and say sorry but your money isn’t covered.0
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Screams "PONZI" to me...0
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sillyhilly wrote: »Screams "PONZI" to me...
Not quite. You don't have to drag in new members who then stump up more cash. On the face of it, you join a small group who each put a similar amount into a pot. Each month, one member of the group is selected to receive the deposit for their house. You don't "win" anything - What you are getting is a loan that has to be repaid to the group. Assuming you get a mortgage, you need to keep up the mortgage repayments as well as the StepLadder loan - Some (most ?) mortgage providers won't lend where the deposit has been borrowed.
My concern is the lack of FSCS approval and regulation - Peer-to-Peer lending is something that the authorities have been looking in to, but no regulation as yet (that I'm aware of).Her courage will change the world.
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.0 -
Let's say you go into this scheme and get your deposit in the first few months. Firstly, that's a debt overall and the funds are still owed. I'm guessing lenders will see this as borrowing to pay for a property deposit which is, AFAIK, not permitted.
Alternatively, you stop paying that debt. Or maybe you're sick of waiting to win the 'lottery' and you cash out. The product hasn't got the cash to meet its obligations. Can the company afford it? Will they need to get money from elsewhere? That sounds like a Ponzi to me.
Worst case, you win the 'lottery' last, in which case you've just wasted time and paid 3% fees on your deposit, which you would have had anyway.0
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