The products are available exclusively through intermediaries and are separated into four categories depending on a client’s credit rating.
The first category T0 (zero) is for borrowers with minimal credit issues and is available up to 90 per cent loan to value (LTV). This includes a two-year fix and a five-year fix priced at 6.5 per cent and 6.25 per cent respectively. A discount of 0.3 per cent off the rate is available if the property has an EPC rating of A, bringing the pricing down to 6.2 per cent and 5.95 per cent respectively.
Categories T1 to T3 depend on a borrower’s past and current credit issues, with T3 being open to those with more recent and severe blips. T1 and T2 products are available up to 85 per cent LTV, and T3 is available up to 80 per cent.
Cases are manually underwritten and based on the last 22 months of an applicant’s credit file.
Tandem: ‘A radical remortgage proposition’
Roger Morris (pictured), director of sales and distribution at Tandem Bank, 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 also offers ‘lender only legals’ which it claims can reduce the timeframe of the legal process to days by allowing completion as soon as the client’s current lender redemption statement and signed mortgage deed is available. This service is free to applicants.
Morris added: “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.”
