Aviva and Nationwide Join Tembo Mortgage Broker £ 2.5 Million Round

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Tembo Money, a mortgage broker for new buyers, has raised £ 2.5 million backed by Aviva and Nationwide.

Capital led by investors including Aviva and Fair by Design – a venture capital fund managed by Ascension Ventures, which in turn is backed by Nationwide, Big Society Capital and Joseph Rowntree – will be used to expand Tembo’s proposal to address the “poverty premium »And help potential homeowners to buy their first property as soon as possible.

Tembo’s products, introduced in June, allow new shoppers to rely on their loved ones and help them climb the corporate ladder without requiring their families to pay a lump sum in cash.

The Deposit Boost works by allowing the willing family member to unlock money from their existing property, using that capital to fund the first buyer’s deposit or create one from scratch. Income Boost works by allowing a family member to channel a portion of their income towards a homebuyer’s mortgage application to increase their borrowing potential.

Tembo Co-Founder and CEO Richard Dana comments: “The average buyer is facing a number of major obstacles to home ownership for the first time, and they were considered insurmountable by many. Our mission is to change that mindset and help bridge the generational wealth gap by helping families work together to give budding shoppers a quick, affordable way to boost their deposit. ”

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