THE EMPLOYEE MORTGAGE BENEFIT SCHEME (TEMBS®)
What is TEMBS®?
TEMBS® is a free and voluntary employee benefit – a mortgage-sourcing service offered by employers to their employees and provided by independent mortgage brokers.
TEMBS® will relieve employees of the burden and anxiety of sourcing the most suitable mortgage product, when buying or moving home.
TEMBS® is provided by AFP Mortgages, independent mortgage brokers and insurance advisers based in Maidenhead, serving London, the Home Counties and further afield.
BENEFITS OF TEMBS®
Benefits of TEMBS® to Employers
TEMBS® allows an employer, at no cost, to offer mortgage assistance to staff, as part of their employee benefit package.
TEMBS® helps employers ensure they get the pick of employees at recruitment stage and also helps employers to retain happy, committed workers.
TEMBS® has no mortgage brokerage fees which will be viewed as a positive employee benefit (an employee is likely to pay a fee by going directly to a mortgage broker).
TEMBS® may benefit employers by not having staff trawling through ‘comparison’ websites or individual lender’s websites, possibly during working hours.
TEMBS® places absolutely no accountability or responsibility on employers for the advice provided to their employees by AFP 4 Business
Benefits of TEMBS® to Employees
TEMBS® as a result of the employer’s involvement, our normal broker fee is not charged in TEMBS® cases.
TEMBS® will provide employees with the positive benefit of having access to dedicated mortgage professionals.
TEMBS® will save employees many hours of viewing mortgage ‘comparison’ websites or individual lenders’ sites: always a time-consuming and arduous task, especially as lenders have different lending criteria and contrasting affordability calculations.
TEMBS® may help employees understand that the lowest interest rate deal is not always the cheapest option, as a result of higher product fees etc.
TEMBS® may also be of assistance in respect of arranging solicitors, buildings and contents insurance, life assurance etc.
TEMBS® means that employees will not have to spend valuable time chasing lenders for progress reports, liaising with solicitors and insurance brokers – AFP Partnership will be responsible for seeing the mortgage through to completion.
TEMBS® will provide employees with the mortgage advice they need on a face-to-face basis and/or over the telephone and email, at a time to suit them.
How does TEMBS® work?
TEMBS® may be introduced to employees in a number of ways:
TEMBS® is often presented to employees by the HR Department via the initial remuneration package, global email, in-house bulletins and notice boards.
TEMBS® needs to be promoted to staff in an energetic manner in order to achieve the best results: some employers will allow the use of an office or room, often during lunch breaks, for employees to meet the mortgage advisers.