Increase the size of your house deposit with help from your family

What is a Deposit Boost?

A Deposit Boost is a form of remortgage taken out by your family member or friend on their property. The proceeds are then gifted to the buyer to put towards their deposit.

How a Deposit Boost works

home

So let’s say your dream home is £200,000 but you don’t have a 5% deposit saved.

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Booster

With Tembo and an eligible booster, we could get you that home.

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Buyer

Your dad wants to help you with a deposit

But without the cash to hand, he turns to Tembo. Our family mortgage specialists assess his eligibility and recommend the best way to unlock money from his property with a Deposit Boost.
See the available options.

He releases £20,000 from his property and gifts it to you

As the Deposit Boost is in your dad's name, he is legally responsible for monthly payments. Any arrangement for the buyer to pay this back to them is a personal agreement between the family.
Repayments start at £22p/month for a £10,000 loan.

With your new 10% deposit, we find you a great mortgage to buy your home

A bigger deposit means lower interest rates, and we compare thousands of products to get you a great deal on your mortgage.

Your Booster has helped you get on the ladder!

Plus, the funds from the Deposit Boost are legally gifted, meaning your dad could reduce his inheritance tax liability. You could return the £20,000 further down the line depending on your circumstances.

Neither Tembo nor PRIMIS is able to provide taxation advice. We recommend you consult with a professional.

Time to enjoy your home!

Check if you're eligible for a Deposit Boost

Get started

Let’s see a Deposit Boost in action

Discover how Alex was able to get on the property ladder with the help of his mum, Sally.

Check your eligibility

Remortgage options available to the Booster to release money from their property

Retirement Interest-Only Repayment

  • This type of mortgage is like a standard interest only mortgage but with some differences that could be useful for over 55s.
  • With this mortgage, unlike a standard interest-only mortgage, there is no restriction on the mortgage term. This means the capital is usually paid off when the last borrower moves into long-term care or dies.
  • Lower monthly payments as the Booster only pays interest each month
  • Rates typically 2.5%-3.99%

Retirement Capital Repayment

  • This type of mortgage is like a standard repayment mortgage but with some differences that could be useful for over 55s.
  • With this mortgage, unlike a standard repayment mortgage, there is no restriction on the mortgage term. This means the capital is usually paid off when the last borrower moves into long-term care or dies.
  • Higher monthly payments as the Booster pays capital and interest back each month
  • Rates typically 2.5%-3.99%

Standard Remortgage Repayment

  • This type of mortgage is a standard repayment mortgage open to all borrowers but is not always suitable for those in retirement.
  • With a standard repayment remortgage, the length you are able to take out the mortgage is restricted, and you'll have to repay the mortgage at a certain age (around 80).
  • Choose between capital or interest-only monthly repayments depending on your preference

A Deposit Boost starts from as little as £22 p/m 

Monthly payments start from as little as £22 to access £10,000. Plus, our mortgage brokers will run affordability checks for the Booster to be sure the Deposit Boost is suitable.

£22

per month*

Based on a 2.59% interest rate

*Numbers shown are calculated based on a Retirement Interest Only Deposit Boost. They are illustrative only and do not constitute advice.

Risks & considerations

As with all loans and mortgages, it's important to understand the potential risks and eligibility criteria when making a decision.

Things to consider...

  • There will be debt against the Booster's home

    As with any mortgage, there is a risk of repossession if monthly payments are continuously missed. Our team of mortgage brokers will carefully assess the affordability of the Booster before submitting an application to mitigate the risk of this happening.

  • An existing mortgage will affect eligibility

    Tembo doesn't offer second or third charge mortgages, so to be eligible for our Deposit Boost, the Booster will need to have either paid off their mortgage in full, or have less than 60% remaining.

  • The Booster will need to prove affordability

    As the Deposit Boost is a mortgage product, Boosters will need to pass a credit check and prove affordability. If they are overcommitted with existing borrowing and outgoings, or their income isn't sufficient they may not be eligible.

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The bigger the deposit, the lower the interest fees.

Our average Deposit Boost user saves £14,000 over 5 years in interest fees alone! More money for your family, less for the banks.

Interest paid over 5 years

£14k

5%

£12k

10%

£10k

15%

£8k

20%

£6k

25%

Deposit

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Try our savings calculator

On average, it takes a first-time buyer 7 years to save a house deposit. That's based on saving 20% of each month's salary.

You would need to save for

8

Years

10

Months

to buy without Tembo

£
£

Thousands have used Tembo to discover how a Deposit Boost could get them their dream home.

Read our reviews to discover why our customers have rated us 'Excellent' on Trustpilot.

“We had several meetings to consider using a Deposit Boost to help one of our children buy a property. We were extremely impressed with them and their knowledge. We would not hesitate to recommend them in the future. ”

Catherine-avatar

Catherine

Booster

“Not normally one for reviews, but I found my chat with Tembo incredibly useful and definitely one of those "why isn't everyone doing it?" moments. Bit of a no brainer given the savings potential.”

Patrick-avatar

Patrick

First-time buyer

“Extremely helpful from start to finish. We had quite a challenging case to deal with, but Tembo didn't give up until they found us a mortgage. ”

Neall-avatar

Neall

Buyer

Let’s get you on the property ladder

Find out how our range of Boost products could help you buy your first home too.

Check your eligibility

Some folks who have gone before you

A Deposit Boost has been the solution many happy Tembo customers were after. Read on to see how we helped them get on the property ladder.

Meet Tim

Read his story

Meet The Fosters

Read their story

Meet Stella & Pieter

Read their story

Transparency

All sources and supporting information for claims made can be found on our transparency page

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