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Proportunity adds Tembo to broker panel

  • 10/03/2022
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Proportunity adds Tembo to broker panel
Shared equity loan provider Proportunity has added family-focused digital mortgage broker Tembo to its broker panel.

Tembo was launched in 2020 and initially offered a offered a whole-of-market alternative to guarantor mortgages.

It now offers income boost product, family Help to Buy scheme, standard mortgage, remortgage and protection services.

It raised £2.5m in funding in August, with investors including Aviva and Nationwide. It then went on to launch an ownership platform which aims to help improve a borrowers’ options for securing a mortgage.

The company also appointed a partnerships head, Steve Nobles, earlier this year.

Tembo’s co-founder and chief executive Richard Dana (pictured) said the partnership with Proportunity would bring a “new dimension to the range of products” the company advices on.

He added: “Tembo was created to champion new and fairer ways to help those who have been priced out of the property market, and this deal with Proportunity will mean we can provide a solution for those who need to boost their deposit but are unable to seek family support.”

It provides shared equity loans of up to £150,00, or 25 per cent of a property’s value. This means that the cost of the mortgage cane be lowered by up to 40 per cent across two blended rates and can increase the overall loan to income up to six times on a five per cent deposit.

Proportunity chief executive and co-founder Vadim Toader said: “Both Proportunity and Tembo are on a mission to make home ownership more accessible, and this partnership is a significant step forward in democratising mortgages.

“With Tembo now on the Proportunity broker panel, we will be able to support any of their clients unable to turn to the so-called ‘bank of mum and dad’ to boost their deposits.

“This means they will be able to buy a home now, instead of saving for years only to discover their deposit is still not enough because of ever-increasing house prices.”

Proportunity has been growing its broker panel, recently adding Affinity mortgages to its panel. Toader also told Mortgage Solutions that it was targeting strong relationships with brokers.

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