Tandem Bank has launched a remortgage portfolio of products, exclusively through the intermediary sector.
The products are divided into four separate strands (T0 to T3) dependent on the creditworthiness of the individual client.
T0 is for those with minimal credit issues with LTVs up to 90% and two fixed rate options of two and five years, with rates of 6.50% and 6.25% respectively. However, Tandem is attempting to be a ‘greener digital’ bank, strongly believing that banks can play a big part in supporting consumers to reduce their home’s carbon footprint. Its new product range offers an ‘EPC linked discount’ whereby both rates can be reduced by up to 0.3 percentage points for an A rated EPC property, which would reduce them to 6.20% and 5.95%.
T1 to T3 are graded depending on past and current credit issues, with T1 and T2 having a maximum LTV of 85% with T3 having a maximum LTV of 80%.
All cases are manually underwritten, and an applicant’s credit file is based on 22 months rather than the industry average of 60 months.
Roger Morris (pictured), Tandem’s director of sales & distribution, said: “The Tandem difference is not just based on the exciting individual products but in the way in which we have approached the issue of speeding up the remortgage process by making use of our experience in the second charge market.
“Tandem provides ‘Lender only Legals’. This reimagining of the legal process can reduce the timeframe from weeks to days. Once we have the current lender’s redemption statement and the signed mortgage deed, we can complete. The service is free to clients.
“We’ve also replaced time wasting and costly conventional valuations with AVMs. This comes with a guarantee that if an AVM is not suitable, we’ll instruct a free valuation of up to £700,000.
“When brokers consider the state of the art technology which Tandem has adopted, the potent mixture of new products to suit most situations, the new streamlined service and manual underwriting by our experienced team of underwriters, Tandem is offering a radical remortgage proposition to the intermediary market.”