Tandem aims to support borrowers who do not fit mainstream high street criteria.
The lender looks at credit histories over a 22-month period, rather than 24 months and it will allow county court judgments and defaults under £750. It does not require bank statements on certain products for employed, construction industry scheme and fixed-term contract applicants.
Some of its offerings include lending up to 90 per cent loan to value (LTV) on debt consolidation remortgages and automated valuations up to 75 per cent LTV.
Where an automated valuation is not possible, the bank will offer a free RICS valuation.
All of its mortgages are portable and free legals are available on remortgages.
The panel partnership will also allow Finova’s DAs to gain “fair notice” on product and rate withdrawals and brokers will not be subject to a lender application fee.
Melanie Spencer (pictured), head of Finova Payment and Mortgage Services, said: “We are delighted to be partnering with Tandem Bank to offer borrowers who don’t meet high street lending criteria an opportunity to secure a footing on the property ladder. The ongoing cost-of-living crisis has become an enormous source of financial distress for many, and with the energy price cap due to rise again in October, it’s crucial that our broker network is well-equipped to support customers that are dealing with a change in their finances.
“This partnership will enable brokers to support both existing and new customers through today’s challenging landscape, helping to build meaningful relationships for the future.”
Richard Angell, head of sales and national accounts at Tandem Bank, added: “Supporting people who have been left behind by traditional high street banks and other lenders is at the heart of what we do, and we’re delighted to join Finova Payment and Mortgage Services’ lender panel to help even more borrowers access simple, honest, and fair mortgage products.
“As one of the UK’s original digital challenger banks, we’re delighted to be partnering with a tech-first firm like Finova, who are equally committed to embracing technology to facilitate a seamless mortgage journey.”
