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Meet Rachel and Simon

Despite saving a sizeable deposit, Rachel was still being priced out of the market. Luckily, Tembo's Income Boost was on hand to ramp up her affordability and get her on the ladder.

Living with her parents for the last 3 years saving for a deposit, Rachel, 28, was desperate to buy her first house and move out of her family home. As an assistant psychologist working for the NHS on a £26,365 salary, she was being priced out of the market in Southeast London as she was not viable for a larger mortgage to accommodate the rising property prices in the area. Luckily, Tembo was on hand to boost Rachel's affordability with an Income Boost, so she could move out of her family home and finally buy her own property. 

Despite having a £30,000 deposit which she had saved over the years whilst living in the family home and over the lockdown period, Rachel knew it would be difficult to find a mortgage on her salary as an assistant psychologist. With house prices rising, and wages stagnating, buying in Croydon, South London was looking unlikely. What’s more, renting or living in a house share was not an option for Rachel for a few reasons. Firstly, she has a dog and secondly, she would have not been able to save her deposit with the high prices of renting in London. 

‘Without Tembo, I would have been living at home for at least another 5 years. I didn’t want to rent, as it wasn’t right for me, and I would have lost the deposit I worked so hard to save for over the years.’

Having come across Tembo looking for guarantor mortgages, Rachel had a chat with one of Tembo’s mortgage experts who helped her with the options that would best suit her specific needs. Rachel's dad (Simon), 53, who had always known that it would be challenging for her to get onto the ladder with a lower salary, was keen to help out. After a few calls with our broker Shahid, having explained all the details, Rachel and Simon were recommended an Income Boost (powered by a JBSP mortgage).

With an Income Boost (from Simon's £123,000 income), Rachel's affordability was raised from £115,000 to £319,000. This meant she was eligible for a £255,000 mortgage, and could consequently buy a two-bed flat worth £285,000 in the area of her choosing.

All the details...

First meeting with Tembo: June 21

Dream home found: June

Income Boost submitted: August

First time buyer mortgage offer: late August 

Move in: before Jan '22

Product used: Income Boost

Affordability boost: £319,000

New mortgage: £255,000
House price: £285,000

House detail: 2-bed flat 

House location: Croydon

Simon helped Rachel into her dream home with an Income Boost. Discover how an Income Boost could help you into your dream home, and create a plan today.


Meet Tim

Tim is in a stable, successful job but a deposit was getting in the way of his dream home.

His mum was keen to help, but without the cash available to pass over to him, a deposit boost was the perfect answer.

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