Transparency Behind Our Marketing Claims

When you’re browsing through the Tembo website you will see a number of statistics and claims that demonstrate the benefits of our service. We only include these statistics and claims if they are based on reliable data. We are committed to being fully transparent with these claims and have set out below the source of the data and a summary of any calculations. If you have further queries about the data please feel free to contact us at hello@tembomoney.com

Some stats to support our claims:

'An average user saves £17,000 over 5 years in interest fees alone.'

This figure is based on 253 Tembo users who registered between 1st January 2021 to 30th April 2021. A user means someone who has completed a Deposit Boost mortgage illustration with Tembo. The savings relate to the total interest payable over the fixed term with Tembo and without. With Tembo: the total includes the interest on both the Deposit Boost & the buyer’s mortgage over the fixed term. Without Tembo: shows the total interest payable over the fixed term with the user’s original deposit. Our smart technology uses 27Tech to source the mortgage rates & products live.

'70% of Tembo's users couldn't get on the ladder without us.'

This figure is based on 1,302 Tembo users who registered between 1st January 2021 to 30th April 2021. Of these 1,303 users, 69.1% (900 users) could not afford to buy a property of the value they wanted without Tembo. A 'user' means someone who has completed a mortgage illustration with Tembo.

'Buyers have increased their borrowing by an average of £82,000 with a Boost.'
Based on buyers who used a Deposit or Income Boost with Tembo between August and November 2021.

"You can boost your budget by £150,000 with a private equity loan"

Claim from Proportunity https://www.proportunity.com/

'Interest rates start from 0.85%' (Income Boost)

This interest rate of 0.85% (Barclays) for a JBSP mortgage was the best rate from a choice of 1,167 lenders. Rate from the 17th September 2021.

"Join over 20,000 homebuyers. Thousands of first-time buyers and movers have used Tembo to discover how they could buy their dream home." (Homepage, Standard Mortgage, Income Boost, Deposit Boost)

This figure of 20,000 is sourced from Tembo's records from August 2021 to June 2022. 'Over 20,000' refers to the number of mortgage illustrations that customers have created (standing at 33,515 dated 6/07/22), not the number of customers who have got a mortgage with Tembo.

'The bigger the deposit, the lower the interest fees' (Deposit Boost)

Examples used in our graph are as follows:

• Where the deposit is 25% of the total purchase price and the interest rate is offered at 1.27% (Yorkshire Building Society), the total interest paid over 5 years is £5517.
• Where the deposit is 20% of the total purchase price and the interest rate is offered at 1.80% (Accord), the total interest paid over 5 years is £7863
• Where the deposit is 15% of the total purchase price and the interest rate is offered at 2.17% (Accord), the total interest paid over 5 years is £9515.8
• Where the deposit is 10% of the total purchase price and the interest rate is offered at 2.75% (Atom Bank), the total interest paid over 5 years is £12126
• Where the deposit is 5% of the total purchase price and the interest rate is offered at 3.19% (Atom Bank), the total interest paid over 5 years is £14124

‘An alternative way to access the funds you need’An alternative way to access the funds you need’ (Deposit Boost)

This is based on a 2.59% interest rate as of the 21st September 2021 sourced from 27Tech.

• Where the Retirement Interest Only Deposit Boost is worth £10,000, the monthly payments would be £21.58 (£259 a year).
• Where the Retirement Interest Only Deposit Boost is worth £20,000, the monthly payments would be £43.16 (£518 a year)
• Where the Retirement Interest Only Deposit Boost is worth £50,000, the monthly payments would be £107 (£1295 a year)
• Where the Retirement Interest Only  Deposit Boost is worth £100,000, the monthly payments would be £215,83 (£2590 a year)

The 2.59% interest rate as of the 21st September 2021 is valid for a 2-year deal. After the initial 2y period the rate will revert to SVR (currently 5.29%)

‘Boosters, there are a range of options available to unlock the Deposit Boost’ (Deposit Boost)

Retirement Interest Only:

Rates typically between 2.5%-3.99% (this is based on information from 27tech as of 21/09/2021)

Retirement Capital Only:

Rates typically between 2.5%-3.99% (this is based on information from 27tech as of 21/09/2021)

Deposit Boost Video

Mortgage illustrative example

Representative example: a repayment mortgage amount of £180,000.00 over 25 years, representative APRC 2.7%. Total amount payable over the full term £249,735.38 includes product fees of £1,199.00. Repayments: 63 months of £695.32 at 1.16% (fixed), then 237 months of £868.06 at 3% (variable). Early repayment charges apply. (21/06/2021)

RIO illustrative example

Representative example: an interest-only mortgage amount of £60,000.00 over 36 years, representative APRC 4.2%. Total amount payable over the full term £108,447.88 includes product fees of £1,234.00. Repayments: 60 months of £131.92 a 2.59% (fixed), then 372 months of £269.94 at 5% (variable). Early repayment charges apply. (21/06/2021)

Articles referenced on our site and owned channels:

• Most mortgage lenders let you borrow up to 4.5x income (Online Mortgage Advisor, 2021)
• 1 in 4 homeowners miss mortgage payments because of illness (Mortgage Strategy, 2021)
• The UK average salary is £30,800 (Office of National Statistics), and the average house price was £256,000 (Gov. UK)
• The average first-time buyer in the UK puts down a £57,000 deposit (Halifax) or £130,268 in London
• 3 million adults across Britain live in their family home (Office for National Statistics)
• The majority of property equity in the UK is owned by people over 55 (House of Lords, 2019)
• There is a lot of distrust in financial services, and equity release has had its fair share of criticism (The Times, 2021)

On average it takes a first-time buyer 7 years to save for their first home. Research has demonstrated that:

• The current FTB house price is £209,163 across Britain and a 15% FTB mortgage deposit requires savings of around £31,374.
• With the average FTB earning a monthly income of around £1,970, (saving 20% a month) would mean that they save £394.
• It takes the average FTB in Britain 6.6 years to save for a mortgage deposit (we have rounded this up to 7 years across the site).