Re-mortgaging with Tembo

keepthegreen

We originally took out a first time buyer 2 yr mortgage via a local broker with Natwest at 5.1%. This is coming up for renewal and we are looking at our options. Natwest are offering re-mortage terms similar to the initial rate.

The original broker should be getting in touch soon but I've also come across Tembo which sounds quite appealing when combined with a 5.75% linked saver account. I have some cash savings I need to max the returns on until my S&S ISA limits refresh next year. LTV is 61% so I may use some of these savings to get to the next 60% LTV band.

Does anybody have any good/bad experience with Tembo or are there any gotchas I should watch out for that make it not so money saving? Are they competitive in finding the best deals when compared to a local broker? If I decide to give them a go do I need to open the accounts in a specific order e.g. savings account first then mortgage application or vice versa?

Thanks!

davidleo7557

Worth checking the full cost, not just the headline rates, especially with linked savings products where conditions apply. Brokers (including online ones like Tembo) can access similar lenders, so differences are often in fees, service and panel access. Also make sure any move to a lower LTV band actually saves more than it costs overall.