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How our average customer uses Tembo

We’ve taken the average income, deposit, age (and even name) of our 20,000+ users, to show you how Tembo works.

james

Meet James

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

INCOME BOOST

With an Income Boost you could buy a property worth £243,000

An Income Boost (also known as a Joint Borrower Sole Proprietor mortgage) increases the amount a buyer can borrow by adding additional income to their mortgage application. The mortgage is in the buyer's name, but the Booster must be able to support the monthly payments if needed.

  • Loan amount

    £216,000

  • Joint monthly payments

    £876

  • Interest rate

    2.30%

Boosters will usually be under the age of 60. A Booster older than this would shorten the mortgage term

Boosters must be willing to support monthly mortgage payments if the buyer is unable to pay

Boosters are not listed on the property deeds

Boosters are not liable for stamp duty

Buyer Representative example: a repayment mortgage amount of £144,000.00 over 38 years, representative APRC 2.9%. Total amount payable over the full term £254,073.18 includes product fees of £175.00. Repayments: 62 months of £396.87 at 1.25% (fixed), then 401 months of £581.96 at 3% (variable). Early repayment charges apply.

DEPOSIT BOOST

With a Deposit Boost you could buy a property worth £243,000

An Income Boost (also known as a Joint Borrower Sole Proprietor mortgage) increases the amount a buyer can borrow by adding additional income to their mortgage application. The mortgage is in the buyer's name, but the Booster must be able to support the monthly payments if needed.

BUYER’S MORTGAGE

  • Loan amount

    £144,000

  • Interest rate

    1.25%

  • Monthly payment

    £396

BOOSTER’S MORTGAGE

  • Loan amount

    £72,000

  • Interest rate

    2.9%

  • Monthly payment

    £174

Boosters must own a property and have paid off at least 60% of their mortgage

Boosters must make the monthly payment for their remortgage

Boosters are not liable for the buyer's mortgage payments

Boosters are not listed on the buyer's property deeds

Booster Representative example: an interest-only mortgage amount of £72,000.00 over 36 years, representative APRC 4.1%. Total amount payable over the full term £103,157 includes product fees of £1,205.00. Repayments: 60 months of £174 at 2.9% (fixed), then 372 months of £246 at 4% (variable). Early repayment charges apply.

Buyer Representative example: a repayment mortgage amount of £144,000.00 over 38 years, representative APRC 2.9%. Total amount payable over the full term £254,073.18 includes product fees of £175.00. Repayments: 62 months of £396.87 at 1.25% (fixed), then 401 months of £581.96 at 3% (variable). Early repayment charges apply.

What's next for James?

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.

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Why would someone want to be a 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.

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