Shared equity loan provider, Proportunity, has announced that Tembo has become the latest firm to join its broker panel.

London-based digital mortgage broker Tembo was launched in June 2020 with the aim of helping more people to get onto the property ladder with the help of their family.

Investors in the firm include Aviva Group, Ascension Ventures and the Fair By Design fund, which is backed by Nationwide Building Society, the Joseph Rowntree Foundation, Big Society Capital and Barrow Cadbury Trust.

Tembo co-founder and CEO, Richard Dana, said the partnership with Proportunity could bring a “new dimension” to the range of products Tembo currently advises on.

“Rising interest rates, the escalating cost of living, and soaring house prices mean it is harder than ever before to buy a home,” he commented.

“Tembo was created to champion new and fairer ways to help those who have been priced out of the property market, and this deal with Proportunity will mean we can provide a solution for those who need to boost their deposit but are unable to seek family support.”

Proportunity provides shared equity loans of up to £150,000 or up to 25% of a property value, which enable people with only a 5% deposit to buy a property.

“Both Proportunity and Tembo are on a mission to make home ownership more accessible, and this partnership is a significant step forward in democratising mortgages,” added Proportunity chief executive and co-founder, Vadim Toader.

“With Tembo now on the Proportunity broker panel, we will be able to support any of their clients unable to turn to the so-called ‘bank of mum and dad’ to boost their deposits.

“This means they will be able to buy a home now, instead of saving for years only to discover their deposit is still not enough because of ever-increasing house prices.”

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