We’ve taken the average income, deposit, age (and even name) of our 20,000+ users, to show you how Tembo works.
A first-time buyer from Norwich, James is trying to get on the property ladder, but despite having a 10% deposit saved, he’s failing affordability requirements.
31
Age
£32,000
Income
£243,000
Property price
£27,000
James’ deposit
£144,000
James’ max borrowing
£171,000
Total borrowing amount
£72,000
Affordability gap
James’ options to fill the £72,000 gap
When it comes to James’ future, he’s got a couple of options to get him that dream home.
He could use an Income Boost to increase the amount he could borrow. The Booster would be added to the mortgage, and would assist him with the £876 monthly payments. If James gets a pay rise and could afford the mortgage himself, the family member could come off the mortgage altogether.
Or, James could use a Deposit Boost to increase his deposit. The Booster's remortgage will either be repayable within a set term or when the Booster moves home or dies, at which point it would be deducted from the sale price. Alternatively, James could remortgage his own property and pay back the Booster.
Listen to Tembo CEO and Co-Founder Richard explain why someone might want to become a Booster and help their loved ones get on the property ladder.
Read interviews with some of Tembo's real-life customers.
Read more