Tembo - Saving & Homebuying 2024.12.1004809

Tembo: A Comprehensive Review of the Savings App for First-Time Homebuyers

Tembo is designed to facilitate the journey to homeownership, particularly for first-time buyers. The app offers a range of tools and resources that help individuals build their savings and prepare for mortgage applications.

Key Features of Tembo:

• Competitive Savings Products: Users can open an account with a minimum deposit of only £1, allowing for flexible saving options whether through one-off contributions or regular monthly payments.
• Award-Winning Trust: With over 350,000 first-time buyers utilizing the app, Tembo boasts accolades that reflect its reliability and user-centric design.
• Expert Mortgage Advice: The app provides access to fee-free mortgage consultation services, potentially saving users up to £749 during their home-buying journey.
• Goal-Oriented Savings: Tembo offers tools to set savings goals, forecast timelines for purchasing a home, and track progress toward these objectives, supplemented by expert tips and webinars.
• Security Assured: All savings are protected up to £85,000 under the Financial Services Compensation Scheme, providing peace of mind to users.

Savings Upgrades with Lifetime ISA:

Tembo's Lifetime ISA product includes a government bonus of 25%, potentially adding £1,000 annually to your savings and up to a maximum bonus of £32,000 over time.

• Market-Leading Cash Lifetime ISA: This offering features a competitive interest rate of 4.75% AER (variable), allowing users to observe their daily interest accrual, paid monthly without misleading introductory rates.
• Ethical Stocks and Shares Lifetime ISA: Invest in a high-growth ESG fund with a notable 12% return last year. The plan carries a modest platform fee of 0.35% alongside a 0.17% fund provider fee.

Comprehensive Mortgage Package:

For those utilizing Tembo's savings services, the mortgage advisory service offers significant savings on fees while providing quality support throughout the home-buying process. This includes dedicated assistance from award-winning brokers recognized in 2022, 2023, and 2024.

• Access to detailed property insight reports encompassing over 120 data points for informed decision-making during house hunting.
• A network of experienced professionals including conveyancers and surveyors to streamline the mortgage process.
• Tools available for comparing mortgage rates and obtaining a Mortgage in Principle while calculating potential Stamp Duty liabilities.

How to Get Started with Tembo:

Setting up a Lifetime ISA with Tembo can be easily initiated by downloading the app and following guided onboarding steps, whether it’s for new accounts or transferring existing ISAs.

This review highlights how Tembo positions itself as an invaluable partner for first-time buyers by not only simplifying the saving and mortgage acquisition processes but also ensuring a secure saving environment while enhancing financial literacy among its users.