London-based fintech, Tembo, has launched a new partnership model that will increase people’s options for accessing a mortgage and becoming a homeowner. 

The partnership platform, initially launched with IFAs, brokers and equity release providers, will allow advisers to help customers who otherwise were not able to proceed with a mortgage due to failing affordability or their deposit being too small, or are seeking advice on the various options available to help them buy with the financial support of their family.

With an increasing number of new lending products coming to market in 2021, each with complex criteria and compliance, this platform means that mortgage clubs, IFAs and brokers alike can now refer hard-to-place clients to Tembo in minutes. 

Through the partnership, Tembo will provide specialist mortgage advice that will help more buyers get on the property ladder or make their next move. Its team of brokers specialise in providing advice on family mortgages, Help to Buy, Shared Ownership and private alternatives as well as first-time buyer mortgages. 

Richard Dana, CEO and Founder, Tembo says: “Getting a foot on the property ladder has never been harder, but luckily there has been an influx of innovation in recent years. At Tembo, we are constantly looking to increase access to home ownership, and to encourage uptake of new products to market that can achieve this goal. Our new partnership platform will help to increase distribution of these often complex products, to further our goal to help more people onto the ladder faster and for less.”

The Money Group (TMG) is one of the first advisers to join on to the partnership. The partnership will allow brokers in The Money Group network to maintain focus on their core business and support their clients to achieve their homeownership dreams, all while earning a generous commission split back from Tembo.

Dave Corbett, Recruitment and Brand Development Director at The Money Group says: “At TMG, we leave no stone unturned for our clients, which is why it’s a great fit for us to partner with Tembo. Through their partnerships referral model, our advisers are able to find solutions for hard-to-place clients with innovative family mortgage products. With a smooth referral process, 5* customer service and a generous shared commission, it’s a win-win.”

New hire to drive partnership model’s success

Alongside the new model, Tembo has hired a new Head of Partnerships, Steve Nobes, who joins from Smartr365 and with experience at MortgageGym and TSB. Steve will be focused on expanding Tembo’s exciting B2B offering, launching referral schemes, white label partnerships with high street brands and more - all with the aim of helping more buyers get on the property ladder or to make their next move. 

Much-needed boost

News of the partnership model follows Tembo’s recent whitepaper, The First-Time Buyer Report: A Generation in Crisis, revealing half (50%) of first-time buyers said that they couldn’t afford to buy without their parents’ help, and a further 13% weren’t sure if they could without support from the bank of Mum and Dad. 

Likewise, some 92% of first-time buyers said they would happily accept money for their first home from family if it was on offer, and 31% of first time buyers have only saved £500 or less during the pandemic, suggesting more options are essential in helping first time buyers achieve home ownership.