Tandem launches green second charges with discount rates

  • 03/05/2022
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Tandem launches green second charges with discount rates
Tandem Bank has launched second charge mortgages through its Oplo brand with rate reductions based on a home’s EPC rating as part of the bank’s ambition to become "greener and fairer".

Borrowers whose homes have an EPC A rating will receive a 0.5 per cent “green discount” on new second charge mortgage rates. B-rated homes will get 0.3 per cent off, and C rated property will get a 0.2 per cent discount. 

Tandem acquired Oplo in January 2022 with the aim of making the lender’s offering more energy efficiency focussed. As part of the deal, Tandem gained £1.2bn in total assets, £1bn of funding and 171,000 customers. 

Personal and home loan provider Oplo launched in 2009 to serve borrowers who were turned away from the high street. Tandem said it hoped to broaden its offering to include first and second charge mortgages. 

It also plans to launch ‘Greener in Tandem’, a greener living awareness campaign to help customers understand their home’s current emissions, as well as what, where and how they can reduce it.

Steve Beard, managing director for mortgages at Tandem Bank, said: “This is an exciting step for Tandem. Climate change is one of the most important issues we’re facing in society today. Our customers are increasingly worried about doing their part, and with 15 per cent of carbon emissions coming from our homes, the time to act is now. 

“Tandem is proud to play its role in supporting our customers make greener and fairer choices.” 

He added: “Today’s launch is an exciting and important first step, and we hope to see customers doing more to improve their home’s EPC rating. This is the first step in our planned improvements for greener mortgages – we’ve lots more to do as we continue our mission to become a greener digital bank.” 

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