Transparency Behind Our Marketing Claims
Here are some stats and facts to support our marketing claims.
When you’re browsing through the Tembo website you will see a number of statistics and claims that demonstrate the benefits of our service. We only include these statistics and claims if they are based on reliable data. We are committed to being fully transparent with these claims and have set out below the source of the data and a summary of any calculations. If you have further queries about the data please feel free to contact us at hello@tembomoney.com
Some stats to support our claims:
'A leading UK mortgage broker' and 'We're the UK's best mortgage broker'
We can support this claim due to winning the Best Mortgage Broker 2022 and 2023 at the British Banking Awards.
'The UK's guarantor and joint mortgage specialists'
We are a specialist mortgage broker that focuses on arranging mortgages from those with more complex scenarios including guarantor and joint mortgages. This is a big part of Tembo’s USP and customer experience, as reflected by our submission numbers relative in this area.
'The UK's first time buyer specialists'
We are a specialist mortgage broker that focuses on arranging mortgages from those with more complex scenarios including first time buyers struggling to get on the property ladder. This is a big part of Tembo’s USP and customer experience, as reflected by our submission numbers relative in this area.
'We advise on over 100 lenders'
We have access to 107 lenders, all of which are listed here: https://www.trustpms.com/Mortgages/Lenders
'Access to over 20,000 mortgage products'
Based on standard residential mortgages alone:
7,253 - 70% LTV
7,189 - 75% LTV
3,329 - 80% LTV
3,329 - 85% LTV
788 - 90% LTV
255 - 95%
'An average user saves £17,000 over 5 years in interest fees alone.'
This figure is based on 253 Tembo users who registered between 1st January 2021 to 30th April 2021. A user means someone who has completed a Deposit Boost mortgage illustration with Tembo. The savings relate to the total interest payable over the fixed term with Tembo and without. With Tembo: the total includes the interest on both the Deposit Boost & the buyer’s mortgage over the fixed term. Without Tembo: shows the total interest payable over the fixed term with the user’s original deposit. Our smart technology uses 27Tech to source the mortgage rates & products live.
'70% of Tembo's users couldn't buy their home without using a family Boost.'
This figure is based on 1,302 Tembo users who registered between 1st January 2021 to 30th April 2021. Of these 1,303 users, 69.1% (900 users) could not afford to buy a property of the value they wanted without Tembo. A 'user' means someone who has completed a mortgage illustration with Tembo.
'Buyers have increased their borrowing by an average of £82,000 with a Boost.'
Based on data of 1,960 customers who added a Booster between the dates of 1st July 2023 and 1st September 2023. The delta between their maximum property price with a standard mortgage and with all Tembo schemes is £81,690.11 - rounded to £82,000.
'Platform has been proven to boost affordability by 66%'
Linked to £82,000 claim above. Based on data of 1,960 customers who added a Booster between the dates of 1st July 2023 and 1st September 2023, where the max property price using a standard mortgage was £122.5k, while max property price using ‘anything’ (e.g. all schemes) is £204k.
'Join over 20,000 homebuyers. Thousands of first-time buyers and movers have used Tembo to discover how they could buy their dream home.'
This figure of 20,000 is sourced from Tembo's records from August 2021 to June 2022. 'Over 20,000' refers to the number of mortgage illustrations that customers have created (standing at 33,515 dated 6/07/22), not the number of customers who have got a mortgage with Tembo.
'Average 8 days to mortgage offer'
Based on customer data from applications submitted in September 2023, which shows an average 8 days to mortgage offer.
'We can find a solution for you in an instant'
Customer plans created in November 2022 produced results loaded in on average 0.9 seconds.
'Speak to an adviser within 5 minutes' and 'Chat to an expert in 5 minutes'
Based on data from 316 customer records, where the average call-back time was 157 minutes and 16% called in 5-minutes or under.
'Once your offer is accepted, our brokers can get your mortgage submitted within as little as 5 days.'
Customer data using 113 mortgage cases between September 2022 - October 2023 where 'case created' to mortgage submission was equal to, or less that 5 days.
'People over 55 own over 75% of all property wealth in the UK'
From an article written by Savills: Savills UK | Over 50s hold 75% of housing wealth, a total of £2.8 trillion (£2,800,000,000,000)
'On average, it takes a first-time buyer almost 10 years to save a house deposit.'
The average first time buyer takes 9.6 years to save a house deposit. Source: https://www.theguardian.com/money/2023/jul/03/first-time-homebuyers-now-need-nearly-10-years-to-save-a-deposit-research-finds
'Average income multiple needed to buy a house is almost 10'
The average house prices sit at 10x income. Source: https://theintermediary.co.uk/2023/06/average-uk-home-costs-10-6-times-annual-salary-despite-wage-growth-outpacing-house-prices-wayhome/
'House prices have increased by over 227% since the ‘70s', 'House prices 65x higher in 2021 vs 1970' and 'Wages 36x higher in 2021 vs 1970'
Professor Bobby Duffy, ‘Generations: Does When You’re Born Shape Who You Are?’, 2021, pg. 47
'Millennials are the first generation in history to be worse off than their parent'
Based on data published by the Resolution Foundation, which show that for the first time in more than 100 years the current generation of workers — millennials — are doing worse than the generation before them, Generation X. Source: https://www.businessinsider.com/millennials-uk-first-generation-1800s-do-worse-than-parents-resolution-foundation-2017-2?r=US&IR=T
'After a Boost mortgage application is submitted, buyers can receive an offer in days'
Based on customer data between between July 1st 2023 and October 2023 where the timeline between mortgage submission to offer was 10 days or under.
'When using an income boost, a buyer can increase their buying power by an average of 25%'
Of Tembo users between February and April 2023, the average maximum property price with a standard mortgage was £231,263, and the average for an Income Boost was £289,012. An increase of 25.1% of total budget.
'Over 80% of Tembo customers have previously been turned away by a broker/lender'
Data based on analysis of a sample of 297 Tembo customers acquired between October & December 2022. Of those 297 customers, 246 (83%) had been ineligible for a mortgage previously, either through using a calculator, getting advice from a broker or failed Decision In Principle.
'Fees are payable once you receive a mortgage offer' and 'You'll never be charged for advice alone'
We only charge a fee on mortgage offer, hence a customer will never be charged for advice alone. As per our terms of business: https://www.tembomoney.com/terms-of-business. No other fees are charged prior to offer.
'Up to £749 depending on circumstances'
Terms of Business states that we charge a fee of up to £749, depending on product and complexity.
'Backed by leading financial brands in the UK' and 'Backed by investment from leading ethical organisations'
Tembo funding is described as follows: We raised our initial investment from Founders Factory, a digital venture investor founded by Brent Hoberman and backed by leading businesses including easyJet, Guardian and L'Oreal. We subsequently raised investment directly from Aviva Group, one of the world’s leading financial services businesses. Aviva were joined by Ascension Ventures and the Fair By Design Fund, an ethical investor backed by organisations including Nationwide Building Society, Joseph Rowntree Foundation, Big Society Capital and Barrow Cadbury Trust.
‘Boosters, there are a range of options available to unlock the Deposit Boost’ (Deposit Boost)
Retirement Interest Only:
Rates typically between 2.5%-3.99% (this is based on information from 27tech as of 21/09/2021)
Retirement Capital Only:
Rates typically between 2.5%-3.99% (this is based on information from 27tech as of 21/09/2021)
Deposit Boost Video
Mortgage illustrative example
Representative example: a repayment mortgage amount of £180,000.00 over 25 years, representative APRC 2.7%. Total amount payable over the full term £249,735.38 includes product fees of £1,199.00. Repayments: 63 months of £695.32 at 1.16% (fixed), then 237 months of £868.06 at 3% (variable). Early repayment charges apply. (21/06/2021)
RIO illustrative example
Representative example: an interest-only mortgage amount of £60,000.00 over 36 years, representative APRC 4.2%. Total amount payable over the full term £108,447.88 includes product fees of £1,234.00. Repayments: 60 months of £131.92 a 2.59% (fixed), then 372 months of £269.94 at 5% (variable). Early repayment charges apply. (21/06/2021)
Articles referenced on our site and owned channels:
- Most mortgage lenders let you borrow up to 4.5x income (Online Mortgage Advisor, 2023)
- 1 in 4 homeowners miss mortgage payments because of illness (Mortgage Strategy, 2021)
- The UK average salary is £30,800 (Office of National Statistics), and the average house price was £256,000 (Gov. UK)
- The average first-time buyer in the UK puts down a £57,000 deposit (Halifax) or £130,268 in London
- 3 million adults across Britain live in their family home (Office for National Statistics)
- The majority of property equity in the UK is owned by people over 55 (House of Lords, 2019)
- There is a lot of distrust in financial services, and equity release has had its fair share of criticism (The Times, 2021)
Income protection from £10 Per Month. This is based on a quote from Zurich on October 5th 2023 for a male, non smoker born 16 with a managerial occupation earning £30,000.00 per year.
Life insurance from £5 per month. This is based on a quote from Aviva on October 5th 2023 for a non smoker born 16 April 1998 for a decreasing cover policy.
Quote from Aviva 5 October