Richard Dana, Tembo co-founder and chief executive, said the partnership with Proportunity would bring a new dimension to the range of products Tembo currently advises on
London-based fintech company Tembo has become the latest addition to the broker panel at shared equity loan provider Proportunity.
Tembo, the family-focused digital mortgage broker, was launched in June 2020. Its investors include Aviva Group, Ascension Ventures, Joseph Rowntree Foundation, Big Society Capital, Barrow Cadbury Trust, and the Fair By Design fund, which is backed by Nationwide Building Society.
Richard Dana, Tembo co-founder and chief executive, said the partnership with Proportunity would bring a new dimension to the range of products Tembo currently advises on.
“Rising interest rates, the escalating cost of living, and soaring house prices mean it is harder than ever before to buy a home,” Dana said. “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.”
Proportunity provides shared equity loans, which enable people with only a 5% deposit to buy a property. It is also available to both first time buyers, and to those who already own a home and want to move on to a bigger flat or house but can only put down a small deposit.
“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,” Vadim Toader, Proportunity chief executive and co-founder, said.
“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,” Toader said.