Tandem Bank’s mortgage division is launching its first, broker-based first charge product portfolio next week for remortgages and unencumbered property.
The division is poised to offer a streamlined process with features designed to make brokers’ lives easier.
These include:
Pre offer:
- A Fair Notice period for all interest rate and product withdrawals
- Fair View Credit Assessment. Tandem will assess an applicant’s credit file based on 22 months
- Fixed rates are booked at the time of an accepted AIP
- AVMs (or free valuation up to £750,000) – wherever possible Tandem uses AVMs to improve decision speed
- Free lender-only legals – an inhouse service to borrowers so they can obtain their funds faster
- No interest on fees
Post-completion:
- Product Transfer; at the end of their fixed rate, product transfers will be available
- Portable products: borrowers will be able to port their existing mortgage when moving to a new house
- Fully online and live interaction: all DIPs and full applications can be submitted and tracked real time using Tandem’s specialist mortgage portal
Steve Beard, managing director of Tandem’s mortgage division, said: “Tandem is challenging the status quo having reimagined and reworked the application to offer process by introducing time saving initiatives that are guaranteed to compress the time it takes to go from DIP to offer and completion.
“Richard Angell, our head of sales and national accounts, has worked tirelessly with the team over the past 12 months to rewrite the way remortgages are conducted to speed up the process and to provide real value for customers. Thanks to their hard work, Tandem Bank is able to offer brokers a revolutionary service.”
Angell added: “Tandem is setting its stall out to be the specialist lender for remortgages and next week, we will be launching our first comprehensive first charge remortgage product range featuring all of the above features through some of the best clubs, networks and large brokers in the UK.
“There will be more to follow soon. Industry figures we have reached out to have all confirmed that our process is going to revolutionise how customers and their advisers are treated and how quickly they can complete their mortgages. Watch this space. Things are about to get exciting!”