Stonebridge has become the first partner of L&G Mortgage Club to gain direct access to digital bank, Tandem Bank, adding it to its lender panel.
Prior to this partnership, Stonebridge AR firms had access to Tandem’s residential remortgage range via approved packagers.
Now, Stonebridge member firms will be able to directly access both the remortgage range plus Tandem’s residential purchase product range which was launched earlier this month.
Tandem Bank has a number of key criteria including: a fair view credit assessment which means it only assesses the client’s most recent 22 months’ credit history for product terms; CCJs/defaults under £750 do not affect the product tier; a maximum LTV of 90% (including debt consolidation); Day 1 discharged from bankruptcy/IVA are accepted at up to 85% LTV; and the latest years’ figures are used for self-employed customers, potentially including retained profits for limited company directors.
The bank also offers no upfront booking fees, and free lender-only legals and free valuations up to £700k for remortgage business. It lends on properties in England and Wales.
Jo Carrasco, business partnerships director at Stonebridge, said: “Tandem Bank are making significant waves in the mortgage sector already, and with the recent addition of a new residential purchase range, to accompany its remortgage offering, we believe Stonebridge firms will find much to interest them and their clients.
“This is a bank very focused on the intermediary market with a considerable amount of experience and talent within its ranks that are immersed in our sector and are clearly listening to what is required. We’re looking forward to providing Stonebridge firms with this direct access, developing this relationship and to seeing where Tandem move next in terms of its overall proposition.”
Roger Morris (pictured), director of mortgage sales and distribution, mortgage division, at Tandem Bank, said: “We are so pleased to have been appointed to Stonebridge’s lender panel and we have had such incredible feedback from their ARs requesting our addition to the panel as soon as possible, making reference to how we have reimagined the remortgage process.
“Working with Jo Carrasco and the team has been amazing. Their focus on education and how their lenders add real value is central to everything they do and helps make them the effective network they have become.”