Partnership provides Barratt London customers with a range of innovative ways to fund home purchases.
Tembo, a specialist mortgage broker for buyers facing affordability issues, has today announced it is partnering with Barratt London, part of Barratt Developments, the UK’s leading housebuilder, to help get more first-time buyers on the housing ladder. The partnership now enables Barratt London to offer Tembo’s range of innovative mortgage and house buying schemes via its website and through its sales teams at all its housing developments.
Technology driven affordability
With an increasingly digital home buying journey, Barratt is focused on helping its customers to discover their true buying budget. The Tembo platform allows customers to get a simple digital comparison of all the options available to increase affordability and boost their deposit, this includes monthly costs, lending and live interest rates. To date, Tembo has been able to increase the average buyer’s budget by £82,000.
The partnership also includes a Barratt Deposit Boost promotion whereby Barratt London will contribute up to 5% of the value of the home towards the buyer’s deposit. This is factored into the digital affordability journey, to give customers access to their true buying budget when searching. The additional deposit significantly increases the number of mortgage options available for homebuyers and enables customers to potentially benefit from lower interest rates than they would be able to get without this support.
Innovative solutions
One of the most popular schemes that Tembo offers are Income Boost mortgages which enable up to 3 family members or friends to temporarily “boost” affordability whilst the buyer establishes themselves on the property ladder
With a growing generational wealth gap many families are eager to help their loved ones get onto the property ladder but do not want to use their life savings or pension pots. Income Boost mortgages offer a great solution to this issue – enabling families to support their loved ones in a secure way without using capital.
Home buyers are increasingly turning to new mortgage products. This is principally to plug the gap created by the fact that incomes are growing at a far lower rate than house-prices, making affordability a challenge. Tembo’s innovative solutions are all designed to increase the amount a buyer can borrow. In addition to Income Boost products, Deposit Boost options offer families a cost-effective and tax-efficient way to share some of the financial gains they have made on their own property with the next generation. In effect, this enables buyers to benefit from a “family help to buy” scheme.
Richard Dana, CEO of Tembo said “We’re really pleased to be working with Britain’s leading housebuilder to help their London customers to be able to afford a home of their own. We’re really excited to be able to see how we can help hundreds of families find ways to support their loved ones onto the property ladder.”
Steve Mariner, Sales and Marketing Director of Barratt London, said “We understand that affordability is a big issue for some of our customers, particularly in London, which is why we are partnering with Tembo to help them with their mortgage offers. Many of our customers won’t know about income boost mortgages but by using the Tembo technology they can quickly find out how much extra they can afford, helping them buy their first home.”
