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Remortgage due, but borrowing falling short?

Interest rates are at a 10-year high. At Tembo, we're experts in boosting affordability for buyers & homeowners. So if your remortgage is approaching, and you’re concerned about how to keep your home, book a call today to discuss your options.

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Our average customer increases their borrowing by £82,000

So whether you're just failing affordability, or wondering how to afford a higher monthly repayment, we can help you work out a path forward.

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How Tembo works

  • Book a call with our team

    Tell us a bit about yourself, and book a call with our customer success team. They'll answer any questions you might have, and collect more information about your current situation. The call will be around 15 minutes, and there are no obligations.

  • Meet your dedicated advisor

    You'll be introduced to your mortgage advisor, and they'll share illustrations of the options available to you, including interest rates, monthly repayments and more. We leave no stone unturned to find options for our customers; our mantra is to find a way, so you're in safe hands.

  • Proceed with the remortgage

    Once you're happy with our recommendation, we'll submit the application on your behalf. Our team will act as the middle man between you and the lender, handling any additional requests or queries.

Interest rates have soared in recent months.

As of the 7th October the average new two-year fixed rate has risen to 6.16%. But what does that mean for your bank account? Let's say you got a 2-year fixed mortgage back in 2020. The average rate for an 80% LTV was 1.76%, so your monthly payments were £715 over a 30-year term. If you remortgaged at 6.16%, the payments would be £1,143 - that's an extra £428 a month.

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Lender criteria is becoming stricter.

Found that lenders are offering you less than you thought you could afford? Chances are, you're not alone. In a response to a volatile market, lender criteria is becoming stricter for several reasons. Firstly, lenders need to check that borrowers can afford their mortgage if the rates continue to rise. Alongside the squeeze on finances with the increasing cost of living, lenders will be stricter when assessing buyer's affordability to make sure that the monthly repayments are affordable for them.

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Support your remortgage with help from a loved one

With an Income Boost or Deposit Boost, a loved one can help you increase your affordability and provide you with the support you need for higher monthly payments. Book a call with one of our award winning team to discuss your options, and whether an Income Boost or Deposit Boost could help you keep the home you love.

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