Tembo is on a mission to make homeownership happen for a new generation of buyers. Its innovative mortgage products are helping generation rent onto the property ladder faster and for less.

Tembo is authorised and regulated by the Financial Conduct Authority under the registration number 952652.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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Tembo

Bank of England votes to hold base rate at 5.25% for 4th time - the highest level since 2008. Scroll through to get our key takeaways from today’s meeting.

#baserate #bankofengland #mpc #baserateofinterest #mortgagerates #interestrates #mortgages

It was a busy weekend for Tembo! As well as our features in the Sunday Express, Mail on Sunday and the Sunday Mirror, the Tembo team were also on the ground at the London New Home Show for the third year in a row.

We love these events because they let us speak to home buyers face-to-face. Here are some of our highlights from this year:

⭐ Creating personalised mortgage recommendations with buyers through our online Fact Find

⭐ Our superstar Liv spoke on the panel about all the ways you can finance a Shared Ownership property.

⭐ Speaking to customers who had been disappointed by traditional advisors, then showing them all the ways they could buy sooner.

Did you see us in the weekend papers? 

Over the weekend, our CEO’s analysis of FCA data was featured in the Sunday Express, Mail on Sunday and the Sunday Mirror - not to mention trade press.

It’s not hard to see why - the headline stat was quite eye-catching. There’s been nearly a 30% rise in the number of over 50s buying their first home. At the same time, 18-30 year olds joining the market are dwindling. 

Challenges like saving up a house deposit and overcoming mortgage affordability hurdles are preventing younger buyers get on the ladder. While older buyers have been steadily growing, becoming homeowners at a time in life when traditionally many would have expected to have paid off their mortgage already.

You might have seen us mention to the Financial Times earlier this month that we share customer reviews internally to keep everyone smiling during the colder winter days.

Well, we wanted to spread the joy and share some of our recent reviews here too. 

Scroll through to see some of our favourites from the last few weeks 👉 👉 👉

As many as 46% of mortgage holders could be on SVRs, costing homeowners thousands.

SVR stands for standard variable rate - also called a follow on rate, an SVR is the interest rate customers are moved onto once their initial mortgage deal period on a fixed or tracker rate mortgage has come to an end.

The average standard variable rate is currently 8.18%, while the average 2 year fixed rate is 5.59%. 

That means for a £200,000 25 year mortgage, staying on the SVR could cost £329 more each month than remortgaging to a 2 year fixed rate - that’s almost £4,000 over a year!

Many homeowners end up on SVRs simply without realising. Others fear the costs involved in remortgaging or are worried that the process will be complicated and stressful. Or they are worried they won’t be able to remortgage due to a change in their financial circumstances.

More than 1.5 million homeowners are due to reach the end of their fixed-rate mortgage deals throughout 2024, with the average annual increase estimated to be £2,900. This means that millions of households could end up paying through the nose if they avoid remortgaging and are moved onto their lender’s SVR.

That’s why at Tembo, we don’t just help first-time buyers get onto the ladder. We also help homeowners looking to switch to a new rate or are struggling to remortgage due to affordability. 

As well as searching across the market for the best deals, we can help buyers explore more niche options to help them switch, such as an Income Boost remortgage.

Online mortgage broker providing free, impartial mortgage advice and helping customers find the right mortgage deal.

Trussle

Mortgage broker offering free expert advice to help find the right mortgage deal.

Financial planning and mortgage advisory firm specializing in providing tailored financial solutions to individuals and businesses.

Rose Capital Partners

Online residential mortgage platform offering innovative solutions for first-time homebuyers.

Additional Competitor

Tembo is a UK-based mortgage broker that helps homebuyers and remortgagers maximize the amount they could borrow through various mortgage schemes. They offer standard, family guarantor, and shared ownership mortgage schemes, with a focus on boosting affordability for their customers. Tembo has recently acquired Lifetime ISA provider Nude, offering customers the opportunity to open a Lifetime ISA and save towards their house deposit with a 25% government bonus.

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