4 years ago
Tembo Secures €2.9 Million to Help First-Time Buyers Get onto the Property Ladder
Tembo, a London-based fintech startup, has secured €2.9 million in funding to help first-time buyers get onto the property ladder by leveraging the value of their family members' homes and incomes.
ProblemFinancial Services
"First-time homebuyers in the UK face significant obstacles, including a lack of deposit and limited borrowing power, making homeownership seem insurmountable."
Solution
"Tembo offers a unique mortgage solution that allows first-time buyers to leverage the financial support of family members to increase their deposit or borrowing power. This includes 'Deposit Boosts' where family members can unlock equity from their existing property to contribute to the buyer's deposit, and 'Income Boosts' where family members can allocate some of their income to the buyer's mortgage application."
