Buy your home with a guarantor mortgage.
Tembo advises on a range of guarantor mortgages that could help you buy sooner or boost your budget. See how a guarantor mortgage could help you by creating a personalised recommendation with indicative interest rates and repayments.
Why more people than ever need a guarantor mortgage
34
The average age of a first time buyer in the UK
8 years
The average time it takes someone to save a deposit
9.1 x
The average income multiple needed to buy a home
264%
Average property price increase in the last 20 years
What is a guarantor?
A guarantor is someone who supports your mortgage application, using their income, savings or property as security. A guarantor mortgage is a great solution for someone who is struggling to afford the home they want to buy. Guarantors tend to be relatives, but friends can also guarantee a mortgage. At Tembo, we call guarantors Boosters.
Discover how much you could borrow
Tembo advises on a range of guarantor mortgages
Income as security
A guarantor can add their income to a buyer's mortgage application. This increases the amount that the buyer can borrow. We call this an Income Boost. The Booster won't be on the deeds of the property, but will be jointly liable alongside the buyer for making monthly repayments. If the buyer is unable to make the monthly mortgage payments, the Booster will have to pay.
Savings as security
It is possible for Boosters to use savings as a security against the property. The family member deposits some cash into a special savings account. This money is held as security for a certain number of years, or until the amount remaining on the mortgage falls below a certain percentage of the property's value. If the buyer misses any mortgage payments, the lender may have to hold onto the Booster's savings for longer.
Property as security
If the Booster owns a property, or a certain percentage of a property, the property can be used as security against the mortgage. This means that if the buyer and the Booster is unable to keep up with mortgage repayments, the lender can forcibly sell the Booster's property. The lender does this as it reduces the risk for them if both the guarantor and the buyer are unable to pay. If your loved one owns a property and wants to assist you with your purchase, they can release equity from their property with a Deposit Boost, which is then gifted to you to buy your home.
We've helped thousands of people discover what they could afford with a guarantor mortgage.
Superb service
My daughter started her own business and with only a year or so of accounts it was difficult to find a mortgage product. Adam Walker and Hannah O'Bryan at Tembo worked very hard to find a mortgage for us. We were a challenging case but they kept at it. Finally got over the line yesterday with a mortgage offer secured 👌. They earned every penny of their fee. Excellent communication from experienced and enthusiastic people. I can highly recommend Tembo 👍
Jason
booster
A real game changer and disrupter
A real game changer and disrupter. Like many young people I thought home ownership in London was out of reach but what Tembo are offering is closing the generational gap on property ownership. Not only that, but the staff were amazing and we had every faith that they were going to help us achieve our dreams. Thank you immensely to Allie who was fantastic , diligent and proactive and Hannah for getting the mortgage over the line.
New member
buyer
Made my dreams possible - 10/10
Honestly, made my dream possible with the help of my parents. Fantastic help, advice and detailed explanations and summaries from Andy and Lauren. Andy has been very helpful, put up with all our questions. Provided us with his personal advice and advised on the best options we have. Provided us with useful documents with breakdowns of all costs and mortgage re-payments that were all very easily readable. Cannot thank them enough for all their hard work, time and effort.
Megan Thurston
buyer
Live guarantor interest rates
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The next generation guarantor mortgage
Looking for a guarantor mortgage? An Income Boost is the UK's next generation guarantor mortgage. You can increase the amount you could afford by adding a family member or friend's income to the mortgage application. Only the buyer will be on the deeds of the property, and there's opportunity to have the mortgage only in your name if your income changes.
Benefits of an Income Boost
Buy the home you really love
By combining up to four income sources, an Income Boost can significantly increase a buyer's borrowing potential. So there's no need to compromise on your dream home or your dream location.
A stepping stone to doing it alone
An Income Boost is a temporary support for buyers as they are getting onto the property ladder. When your circumstances change (i.e you get a pay rise), the Booster can come off the mortgage!
Your family won't be out of pocket
With an Income Boost there's no need for a Booster to dip into cash savings or investments to help their buyer. They won't be on the deeds of the property, meaning there's no stamp duty liability.
Want to see how a guarantor mortgage could help you?
Create a personalised recommendation in under 10 minutes and see indicative interest rates and monthly mortgage payments. You'll also be able to book a call with one of our team to talk through how a guarantor mortgage could get you into your dream home.