The range also has conditions which the lender says aims to assist brokers, such as a fair notice period for rate changes and product withdrawals. It also offers a fair view credit assessment which means the bank will look at an applicant’s credit file based on 22 months, rather than the industry average of 60 months.
Fixed rates can also be booked during the agreement in principle stage, meaning pricing can be secured before a full application is submitted.
Tandem offers an automated valuation model (AVM) or free valuation up to £750,000 as well as free in-house legals. There is no interest or charges added to broker or completion fees when a borrower asks to be added to a mortgage.
The lender will also make product transfers available at the end of a borrower’s fixed rate period and allow them to port a mortgage.
Its mortgage portal also enables the submission and tracking of applications.
The range will launch next week.
Mortgage broker focus
Tandem said now that Roger Morris had joined as director of sales and distribution, its mortgage division would be more intermediary focused.
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 decision in principle (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.”
