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LIFETIME ISA

Boost your deposit by £1,000 a year

Open a Lifetime ISA today. Save up to £4,000 each year towards your house deposit and you’ll get a 25% government bonus, tax free.

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NEW: long-term fixed rate

Fix your interest rate for up to 40-years and increase your borrowing to 6x income. Rates from 5.69%

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Deposit Loan

Guarantor

Your loved ones can lend you a house deposit with a Deposit Loan

Get on the ladder sooner, with an equity loan from a loved one. In return for providing you a deposit, they benefit by owning a percentage of your property.

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British Bank awards 2023 Best Mortgage Broker winner
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Discover how much you can really borrow.

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Suitable for buyers & movers

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Build a deposit from scratch

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Required the support of a loved one

How does it work?

Like a Deposit Boost, your loved one will contribute to your house deposit, or supply the cash for the entire down payment. However instead of this being a gift, their contribution will be in return for equity in your home.

This family deposit mortgage option can either be as an equity loan, where they will own a percentage of your property, or as an interest-free loan that is repaid when the property is sold.

This will make you co-owners, but you will each own an individual share of the property. The value of your share will reflect what you contributed to the deposit and monthly repayments, as well as any change in the property value.

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Why Tembo?

We help buyers, movers and homeowners discover how they could boost their affordability in 3 simple steps. It’s why we’re the UK’s Best Mortgage Broker.

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Things to consider

Not every mortgage is for everyone. Here’s some things you should know before applying.

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What are the benefits?

Get a home of your own sooner

On average, it takes almost 10 years to save up for a house fund. With a loved one contributing to the deposit, you can get on the property ladder quicker.

Increase what you can borrow for a mortgage

With a larger house deposit, you can get access to better mortgage rates or afford a more expensive property.

You can buy out your relatives later down the line

If you are able to afford the mortgage by yourself later on and can buy out your loved one’s share, through a transfer of equity you can become the sole owner of the property.

Keep your independence

If you require support to buy your home, but don’t want to be gifted a cash sum, this enables you to offer your supporter a potential upside.

Risks and considerations

Your loved one’s funds must be UK based

While deposit loans can come from non-UK residents, the funds from your relative must come from a UK-based bank account and be in the UK for 3 months prior to funds being released.

Your lender options will be limited

In choosing to use a Deposit Loan, you won’t be able to access a wide range of lenders and mortgage products. This might mean you don’t get the best available rate on your mortgage.

Your loved one will need to provide evidence

They’ll need to provide evidence of their identity, proof of address, NI number and source of deposit.

Got questions? We’ve got answers

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Frequently asked questions

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The application process

Get into your very own home in 4 simple steps

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Make a Tembo plan

In under 10-minutes, we’ll check your eligibility for a Deposit Loan, as well as our other family deposit mortgage schemes. Plus, you’ll get a personalised recommendation including interest rates and repayments.

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Talk to an expert

Book a call with our mortgage experts to complete the qualification process, and we’ll cover off any questions you might have about Deposit Loan and any other family deposit mortgage schemes.

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Apply for a mortgage

Once you’ve found a property, your dedicated advisor will undertake full affordability and submit a Decision in Principle. Once accepted, we’ll submit a full mortgage application for you.

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Make home happen

During the conveyancing process, we’ll liaise with the developer or seller and your solicitors to ensure a smooth purchase. We’ll also provide a free insurance protection review, so you’re covered if the unexpected happens.

Other schemes you might like

Explore our other buying schemes to discover alternative ways to buy.

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On your own

Deposit Unlock

Purchase a new build home from a participating home builder with just a 5% deposit.

See details

With a guarantor

Dynamic Income Boost

Buy with loved ones as co-owners. They’ll contribute to the repayments, in return for equity in the home.

See details

part buy part rent

Private Shared Ownership

Buy a share of a home, then pay rent on the rest. Over time, buy more of the home till you have full ownership

See details

Learn more

Confused about mortgages? Read our guides for expert tips on saving, buying and the market.

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Other mortgage schemes

You can be snug in your very own home in 4 simple steps

Purchase

Standard Mortgage

Right to buy

Self Employed

Tier 2 Visa

Deposit Unlock

Armed Forces Help To Buy

Shariah mortgage

Increase your affordability

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