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

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What is a Deposit Boost?

This service involves two separate mortgages. The first is a mortgage taken out by your family member or friend (the booster) on their property. The proceeds are then gifted to the buyer to put towards their house deposit. The second is a mortgage needed for the buyers home.

How a Deposit Boost works

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

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

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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.

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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.

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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.

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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.

Tembo does not provide tax advice. We recommend you seek advice from a professional.

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Time to enjoy your home!

£22

per month*

Based on a 2.59% interest rate

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

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

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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.

Risks & considerations

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

Boost guideFAQs

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.

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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

You would need to save for

8

Year

10

Months

to buy without Tembo

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£
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Try our savings calculator

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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.

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.

View Testimonials

“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. ”

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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.”

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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. ”

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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