Buying a home as a single first time buyer can feel an impossible task. But there are ways to boost your affordability, so you can get the keys to your own place.
Working with over 100 lenders, we can advise you on the right scheme to increase your borrowing power. So you can get on the ladder sooner, or afford a larger property. To get started, create a free Tembo plan, or find out about the ways you could boost your borrowing below.
Income Boost Customer
If you’re buying by yourself, you could boost how much you could afford with help from loved ones. This doesn’t have to be a lump sum of cash from the Bank of Mum and Dad. Our specialist team can help you find the right family mortgage scheme for you and your loved ones.
Adding a loved one's earnings to your mortgage application can boost the amount you can borrow. You’ll still be the sole owner of the property, but your Booster will step in if you can’t make the repayments.
For a lot of single first time buyers, the biggest barrier is saving a big enough deposit. With a Deposit Boost, a family member or friend can unlock money from their home to top up your existing house fund, or to be used as your entire deposit.
Get a 0% deposit mortgage with help from a family member. They'll deposit cash savings into a special savings account, where it'll be held by the lender as security. As long as you make your repayments, your loved one will get their savings back, plus interest.
Add a loved one to your mortgage application as a co-owner. They'll contribute to your monthly repayments, in return for equity in the property. With their income added to yours, you can boost your borrowing power.
Your loved ones can lend you a house deposit, in return for a stake in your home. With a boosted deposit, you can get access to lower mortgage rates or afford a more expensive property. While they get to co-invest with you.
Not everyone has family or friends who can help you get on the ladder. But that doesn’t mean there aren’t ways to boost your affordability. At Tembo, we advise on a range of schemes to help single buyers get a mortgage without family support. To find out what you could afford, create a plan today.
Struggling to save up a house deposit or worried about affording monthly repayments? Shared ownership could be the solution. Get a mortgage for a share of a property, then ‘staircase’ to buy more equity over time.
Buy a share of a home with the government’s Shared Ownership scheme. You'll purchase a share of a property, then pay rent on the rest. Over time, you can staircase your way up to full ownership.
Saving up for a deposit is difficult, especially when you’re saving by yourself or on a single income. With the Deposit Unlock scheme, you could buy sooner. All you only need is a 5% deposit to purchase one of the qualifying new build homes.
With a 5.5x Income Mortgage, you could boost your borrowing capacity with a mortgage 5.5 times your earnings. That could mean an extra bedroom, or a garden!
Whether you're a vet, doctor, lawyer or accountant - if you work in a qualifying profession, you could borrow up to 5.5 times your salary, significantly increasing your total buying budget.
If you are a serving military personnel, you could borrow up to 50% of your annual salary to boost your house buying budget with the Forces Help To Buy scheme.
Whether you buy with the help of a loved one, co-own with family or friends, or use a specialist scheme, there are plenty of ways that you can boost your affordability to buy solo or with a partner. Have a play around with our mortgage calculator to find out how much you could afford to borrow by yourself or with someone else.
4 simple steps to getting the keys to your new home
Check your eligibility for a range of buying schemes, and get a personalised recommendation with interest rates and repayments in under 10-minutes.
Book a call with our experts to complete the qualification process, and we’ll cover off any questions you might have about any of the budget boosting schemes we advise on.
Once you’ve found a property, your dedicated advisor will undertake full affordability checks to prepare the mortgage application. Then we’ll submit it on your behalf!
During conveyancing, we’ll liaise with the seller and your solicitors to ensure a smooth purchase. We’ll also provide a free protection review for your insurance needs.