LTV, APR, DTI... it's enough to make your head spin. Let us break it down for you. Dig into our content to learn more about house hunting, first-time buyer mortgages, interest rates and so much more.
Take a scroll on Insta or TikTok, and you’re sure to find loads of renovation reveals that make doing up a house look like the best side project. But navigating a reno can be tricky - there’s a lot of mess, noise and complications in between the before vs after. Lewis, one of the mortgage advisors here at Tembo, has recently renovated his house. Now safely on the other side, he’s sharing his top tips for avoiding a reno horror story. So if you dream of going full Kirstie Alsopp one day (LIOLI fans, listen up) then read on.
Read more
Housing is set to be a key battleground in this year’s general election for both Labour and Conservatives, as well as the other political parties. More than 1.5 million homeowners are remortgaging this year - many of which are moving from ultra-low sub-2% deals from a few years ago and could see their repayments go up by hundreds of pounds. On the other side of the coin, first-time buyers are facing the toughest conditions in 70 years. The average first-time buyer house deposit sits at over £50,000 and takes 10 years to save one up, while the current higher rates are squeezing mortgage affordability. We have our fingers crossed that the general election will be the shake up that the housing market needs. Keep reading to find out each party’s housing policies currently are, and what could be in the pipeline.
Read more
1.5 million homeowners will reach the end of their fixed mortgage deals in 2024, meaning many households will see a rise in their monthly expenses. If your fixed rate deal is ending soon or you’re already on a variable rate, remortgaging could be a smart move. Let’s take a look at the main reasons you should remortgage this year.
Read more
If you’ve ever lost your passport, dropped your phone in a puddle, or been hit with an unexpected vet bill, you’ll know how stressful it can be to cover an unexpected expense. With an emergency fund to fall back on, you can cover these financial emergencies and avoid sleepless nights.
Read more
A few years ago, you’d need to be a high earner or have a lot of money in the bank to pay tax on your savings interest. But with interest rates rising, more people are paying tax on their savings in the UK. In fact, in the 2023/24 tax year, an estimated 2.73 million people were hit by this type of tax, compared to just 800,000 savers in 2020/21. So how much tax do you pay on savings and is there anything you can do to avoid it?
Read more
Working out how much you need in your pension can feel like an overwhelming task. How much will you need each year to live off? What should you be contributing now to build up a big enough pot? In this article, we’ll tell you everything you need to know about how much you should have in your retirement pot.
Read more
A Lifetime ISA lets you save up to £4,000 a year tax-free towards your first home or retirement. For every £4 you save, you’ll get £1 off the government — giving you a sweet £1,000 bonus each year you max out your account. But is a Lifetime ISA halal? Let’s take a look at whether Lifetime ISAs are suitable for Muslims, and if they can use them.
Read more
When you research how much you should have in savings, you’ll probably find various rules about how much you should have. But there are a number of factors that can affect your ability to save for the future, such as your age, income, relationship status and whether you rent or own your home. So whether you’ve got some money tucked away in a cash ISA or you’ve barely enough to fund a Deliveroo, don’t compare yourself too much to others! In this guide, we’ll myth-bust how much the majority of people actually have in savings, and what is a good goal to aim for is.
Read more
If you’re saving a house deposit, a Lifetime ISA can help you reach your goal sooner. Save up to £4,000 a year and the government will boost your savings by 25% - giving you up to £1,000 a year free towards your first home. But can you use two Lifetime ISAs to buy a house? Let’s take a look at how to make the most of this amazing home-buying hack.
Read more
If you’re in your 20s or 30s, it can feel like everyone around you is buying a house, getting married, and going on 3 holidays a year. Meanwhile, you’re left scratching your head and wondering how on earth they’re affording it. If you want to save money for big life events and adventures, we can help! Let’s explore how much you should save per month, whether £200 is enough, and whether it’s ever too late to start saving.
Read more
A cash ISA is a special type of savings account where you can earn tax-free interest. Anyone over the age of 18 can open one - they’re particularly useful if you’ve already maxed out your LISA allowance for this year and want to save more, or you’re a higher-rate or additional-rate taxpayer.
Read more
When you pass away, the value of any savings, investments, assets and material possessions will be added together to form your estate. If you have a life insurance policy, the payout may be added to your estate too, but does this mean you’ll need to pay inheritance tax on it? Let’s take a look at how inheritance tax and life insurance work.
Read more
Critical illness insurance can protect you and your loved ones from the financial impact of a serious illness or injury. If you’re diagnosed with a listed medical condition during your policy term, you could receive a tax-free lump sum, regardless of whether you’re able to work or not. But is critical illness insurance worth it and how much does it cost?
Read more
If you’ve saved a house deposit and you finally feel ready to buy your first home, the next step is to get a Mortgage in Principle. This is essentially a document which says ‘this person could afford to borrow £££….’ Once you’ve got a Mortgage in Principle, you’ll have a good idea of what type of property you can afford and in which location. This can make the house-hunting process so much easier. You’ll avoid falling in love with homes that are out of your budget and you’ll usually find that estate agents and sellers will take you more seriously too. But how reliable is a Mortgage in Principle?
Read more
Saving for a house is a huge goal to work towards, and can feel daunting to start or keep up with - especially when rising house prices and high interest rates make homeownership feel further out of reach. At times like these, it’s okay to feel discouraged. But right now could be the best time to focus on putting money towards your first home.
Read more
The 6-month countdown is on! You’ve likely saved up all you want for a house deposit, or are almost there. You’re scrolling through Rightmove every chance you get. And after years of dreaming about it, owning your first home is actually within reach! At this point, you probably just want to move in already (!!!) but before that happens, there are a few things you need to do before applying for your first mortgage and buying your first house. As with all things, a lil’ preparation goes a long way, so here are some things you can do to get you ready.
Read more
Saving for a house is a huge goal to set yourself, and it’s easy to put it off - especially if you want to do other things along the way, like go travelling, move cities or start your own business. So, when it comes to building your first house deposit, here’s why there’s no time like the next 24 hours to start saving for your first home.
Read more
If you’ve got a Lifetime ISA, or are about to open one, understanding how the tax year impacts what you can put into your LISA is important to ensure you max out your free government bonus! Keep reading to find out how Lifetime ISA works in relation to the tax year, and how long you have till the tax year ends.
Read more
So, you're thinking about transferring your Lifetime ISA to another provider. You probably have a ton of questions - we're here to answer them, including how to transfer your Lifetime ISA, how long it takes, and some of the other most frequently asked questions about transferring LISAs along the way.
Read more
If you’d like to buy a house one day, a Lifetime ISA could make it easier to save a deposit. You can save up to £4,000 a year in your Lifetime ISA and the government will boost your contributions for free by 25%, meaning you could get a £1,000 bonus each tax year if you max out your account. Lifetime ISAs were first introduced in 2017 and since then more than 170,000 first-time buyers have used them to buy their first home. But is a Lifetime ISA worth it today and should you get one?
Read more
Already have a Help to Buy ISA? You could boost your house fund savings even more by transferring them to a Lifetime ISA (LISA). This is a special savings account that allows first-time buyers aged 18-39 to get a free 25% bonus on top of their savings each tax year (up to £1,000), helping them save up a house deposit faster. Keep reading to find out how to transfer a Help to Buy ISA to a Lifetime ISA, and if this is the right decision for you.
Read more
So, you're dreaming of owning your first home and seeking an ally to guide you through reaching one of life’s biggest milestones – building a deposit. Well, you've found your companion. Here's how Tembo can help you pave the way to your first home 🏠
Read more
It’s a lot easier to put money aside when you have a particular goal in mind. Whether it’s your first home, retirement, a once-in-a-lifetime trip or starting a family - there can be lots of reasons you want to save. Here’s how to set a goal, and how to make sure you hit your target.
Read more
One of the first things you need to do when buying a home is to get your hands on a Mortgage in Principle. This is essentially a document that says: “We’ll give you a mortgage, based on the information you’ve provided.” A Mortgage in Principle will outline exactly how much you can expect to borrow, and will usually include a time limit too. While this all sounds pretty simple, you might be wondering, how a Mortgage in Principle affects your credit score. After all, a mortgage is essentially a home loan, and if you have adverse credit you might be worried about how a Mortgage in Principle could impact your rating.
Read more
We’ve got some exciting news to share! Today, we can officially announce that we have acquired the award-winning Lifetime ISA provider Nude. At Tembo, we are focussed on building an industry-leading homebuyer platform for buyers and remortgagers - providing our customers with the fastest and most financially efficient route to homeownership.
Read more
Getting on the property ladder felt more challenging than ever last year. House prices fell ever so slightly, but due to rising mortgage rates and a cost of living crisis, many potential buyers put their homeownership dreams on hold. But 2024 is a different matter.
Read more
Income protection is a type of insurance that pays you a regular, tax-free income if you can’t work due to illness or injury. You might have been told you need it if you’ve recently bought your first home, or gone through a major life change like starting a family. But do you actually need it and is it worth it? Keep reading to find out.
Read more
Critical illness cover is a type of insurance policy that pays out a lump sum if you get a serious illness or injury. There are lots of critical illness providers to choose from, and each provider’s policy will cover different conditions and offer different benefits. In this article, we’ll run you over the best critical illness cover policies available in the UK. If you want an expert’s help finding the right cover for you, you’re in the right place. At Tembo, our in-house team of award-winning advisers can compare policies from the UK's leading providers to find the right cover for you and your family. Please note, each provider has a different range of protection products, offering different levels of cover. We cover some of the main benefits of going with one of the providers listed below, but these may not apply to all policies with that provider.
Read more
Jeremy Hunt has unveiled the contents of his 2023 Autumn Statement, promising to increase the state pension, make ISAs more flexible and help benefit claimants find work. But what does the Autumn Statement mean for you and when will it take effect?
Read more
Many landlords are choosing to invest in property through a buy-to-let limited company, instead of building a portfolio as an individual. In 2022, there were 300,000 buy-to-let property companies in the UK, up from 89,757 in 2017. If you’re already a landlord or you’re thinking of buying your first buy-to-let in 2024, you might be wondering whether to do the same. To help you make a decision, let’s take a look at the pros and cons of purchasing a buy-to-let as a limited company vs personal ownership.
Read more
Much has changed since we shared our mortgage predictions for 2023. Over 2023 inflation soared then fell, as did mortgage rates, the cost of living got tighter and the Help to Buy scheme came to a close. All these changes had an impact on the mortgage market, both within the year and what will happen to mortgages in 2024. Keep reading to find out what to anticipate in the world of mortgages and house prices this year.
Read more
Mortgage eligibility can be a confusing topic. How do you know if you qualify for a mortgage, or what you could be offered? Why might you get rejected, and what do you do if this happens? In this article, we’ll answer all your burning questions about mortgage eligibility.
Read more
Mortgage underwriting is a crucial step in securing a home loan. It plays a pivotal role in determining your mortgage eligibility, and it involves careful assessment of your financial situation. Whether you're just starting your journey to homeownership or have questions about the underwriting process, keep reading to find out all you need to know to navigate the mortgage application process with confidence.
Read more
Everyone seems to be talking about inflation right now, whether you’re scrolling through TikTok or chatting to the barman in your local pub. It can be hard to avoid it. It’s most visible in our bank accounts and wallets, the cost of filling up our cars or heating our homes, or the weekly trip to the big Tesco. But what does inflation rate actually mean and how does inflation affect mortgage rates? Let’s explore how it works and what you can do to reduce the cost of your mortgage.
Read more
You and your partner are finally ready to buy a home together but there’s just one problem…you’re a first-time home buyer and they already own their home. This might seem like a complicated and awkward scenario, but it happens more often than you think. If you’re buying with a homeowner, here’s what you need to know and how it affects your house purchase as a first time home buyer.
Read more
Over the past few decades, the cost of homes has outpaced the average rise in earnings. In March 2021, the average cost of a home cost 65 times more than the average UK home in January 1970, while wages are only 35.8 times higher now. This has left many renters wondering if they’ll ever be able to buy their own home. But there could be hope on the horizon. The most recent figures show that house prices are -0.3% lower than a year ago, and are expected to stay stagnant over 2024 thanks to high mortgage rates and economic uncertainty. If this happens, first-time home buyers might find it that little bit easier to get onto the ladder. But does this mean that it is now a good time to buy a house? Find out whether you should buy a house now or wait in this guide.
Read more
If you’re thinking of buying your own place, you may be wondering where to start. How much do you need for a deposit? How can you boost your affordability? And how do you get a mortgage? If you’ve been furiously Googling one mortgage question after another, you’ve come to the right place. With the help of our mortgage tips for first time buyers, you can save yourself time, stress and money.
Read more