I came across StepLadder (https://joinstepladder.com) a few months ago and as I would like to buy a house as soon as possible I am considering this company to save my deposit quicker. Did anyone have any experience with them?
What they do is basically create circles with people that have a common goal for their deposit (i.e. buy in 12 months with a monthly contribution of £1000) at 3-5% monthly fee. Every month someone gets randomly picked and given the full deposit they originally request to buy a house. Now, obviously you could be the last one, in that case, you would have saved the deposit at the same time you wanted too. If you get picked early you will still need to pay the monthly commitment until the end, and the majority of my concerns are here. Would a lender see this monthly commitment as a negative factor when deciding my mortgage amount and APR? They are regulated by the Financial Conduct Authority for P2P so I am not even sure how well protected my money would be.
If anyone has any experience it would be great to hear.