New firm Tembo will help parents remortgage to get children on the housing ladder
A new company will advise parents and grandparents on remortgaging homes to help children onto the housing ladder. Tembo, which describes itself as a 'family lending platform,' enables first-time buyers to get on the housing ladder by brokering a small interest-only mortgage on their parents' - or another family member or friend's - home. The money from the benefactor - which Tembo refers to as the 'homebooster' - is then put towards the child's mortgage deposit, allowing them to buy their first property. However, this route to homeownership comes with risks, as we explain below. ...
Source: thisismoney.co.uk