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Wednesday, July 08, 2020

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Tandem reveals development of new mortgage product

Sam Monk | 13:19 Wednesday 17th July 2019

Tandem Bank has revealed that it’s developing a new mortgage product which will be suitable for first-time buyers.

The digital bank has set up a new group of co-creators where consumers can sign up and provide opinions about their ideal mortgage.

This input will be included in the design phase of the mortgage so that the new product — which will launch in the UK in 2020 — services real consumer needs and will then be tested with a small group of customers by the end of 2019.

Tandem is also developing a new, Open Banking enabled, method of credit scoring based on a customer’s aggregated financial data, which will help to pinpoint how they borrow, spend and save through its banking app.

“We’re looking at new and intelligent ways of assessing whether a potential customer is creditworthy, as well as ensuring our mortgage offering meets the needs of today’s consumers rather than taking a traditional approach,” said Nick Bennett, chief operating officer at Tandem.

Ricky Knox, co-founder and CEO at Tandem (pictured above), added: “It’s hard for most people to get on the property ladder and we want to help them embark on that journey with new tech and a customer-first approach to design.”

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