Whether you're just starting to save or have quite a bit saved up, we can help you.
In addition to your first-time buyer mortgage, we'll arrange a small interest-only mortgage on your family home to boost your deposit.
All of this means you will save thousands in interest when compared with you going solo.
By boosting your deposit on your first-time-buyer mortgage, lenders give you access to much lower interest rates. The reason for this is that you reduce your Loan-to-value (LTV), something lenders use to assess the risk of the mortgage. Customers with lower LTV’s are less risky and are therefore charged at a lower rate of interest.
By arranging a small interest-only mortgage on your family home you can get a deposit boost. Interest is paid every month by you or your family member and the balance doesn't have to be paid off until the property is sold or the family member dies. Mortgage lenders call these retirement-interest-only (RIO) mortgages.
With your boosted deposit, we’ll then find you the best first-time buyer mortgage on the market. You'll get access to much lower rates compared to if you went solo which means you'll save thousands in mortgage interest over the initial term.
More money for you and less for the banks.
Tembo helps first-time buyers increase their deposit by sharing the mortgage across two properties. Saving you thousands in interest.
1. First, our smart technology searches the whole market and calculates how much you can save using Tembo
2. Next, speak to one of our expert mortgage brokers who'll talk you and your family through what's involved and advise you on the best deal
3. Finally, we'll arrange everything with the lender and be by your side all the way until completion 🏡
There is no upfront cost to use Tembo. We charge a fixed fee of £499 that is due upon completion of your mortgage.
Tembo is a mortgage broker. We have access to over 80 lenders from across the market to find you the best deal.
We hope to be very soon – we’re just waiting for the final paperwork to come in the next week or two.
Most of our customers can save thousands on their mortgage.
A family boost is the gift made by your family to boost the deposit on your mortgage.
We help you boost your deposit by arranging a small interest-only mortgage on your family home. Interest is paid every month by your family member and the balance isn’t paid off until the property is sold or the family member dies. Mortgage lenders call these retirement-interest-only (RIO) mortgages.
Very! Equity release products don't (usually) have any monthly payments, meaning your loan balance accumulates every month. This often results in a big repayment years later as the interest continues to mount up. With Tembo, we'll only recommend a Retirement-Interest-Only mortgage where you pay off the interest each month and keep the balance under control. That way you’ll know what you have left at the end.
We know parents like to help their children get on the property ladder (in fact over 40% of first-time buyers had help from their parents last year). Tembo helps facilitate the act of gifting your children money towards their deposit to ensure you both get the best mortgage deal possible and, as a result, save thousands in interest payments. There are also some handy inheritance tax benefits too!
Your family are legally responsible for paying the interest on the loan. But you can agree to pay for it for them if you wish.
At the moment we can only help you if you live in the UK and do not have adverse credit, a criminal record, previous repossessions or have previously been bankrupt.
Yes! We can help both single and joint applicants.
As long as your family owns their home and their mortgage balance is under 50% of the property value they are eligible for a family boost.