Finova Payment and Mortgage Services has announced its partnership with digital challenger bank, Tandem Bank, further expanding the portfolio of lending products available to finova’s directly authorised (DA) broker club.
Tandem supports mortgage borrowers who are underserved by high street lenders with specialist products, flexible underwriting and strong customer service ratings.
Through this partnership, finova Payment and Mortgage Service members will have access to Tandem’s range of specialist mortgage products.
Key highlights of the partnership include:
- Tandem lends up to 90% LTV on debt consolidation re-mortgages
- Tandem offers automated valuations (AVMs) for borrowers up to 75% LTV
- When an AVM isn’t possible, Tandem offer a free RICS property valuation
- Tandem provide EPC discounts
- Free legals are available on remortgages
- All of Tandem’s products are portable
In addition, finova’s club members will benefit from fair notice on product and rate withdrawals from Tandem and won’t be subject to a lender application fee.
The lender says it takes a “comprehensive view” of credit assessments, looking at credit histories over 22 months, as opposed to 24 months. To this end, Tandem ignores CCJs and Defaults that are under £750, and doesn’t require bank statements on T0 and T1 products for employed, Construction Industry Scheme (CIS) and fixed-term contract applicants.
Melanie Spencer (pictured), head of Finova Payment & 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.”
