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Online & Mobile Banking

Tandem Bank to offer crowd designed mortgages

Monday 26 August 2019 | 02:34 PM CET

UK-based challenger bank Tandem has announced the impending launch of a new “crowd-designed” mortgage product for UK consumers.

In a release, Tandem said it plans to offer competitive mortgages to first-time buyers and property ladder hopefuls based on a range of financial data points.

Tandem said it wants consumers to be part of the design process by sharing their personal “must-haves” for a mortgage. Interested individuals may join a group of co-creators. Tandem will use the information garnered to ensure the new lending product services a real consumer need. The new mortgage product will then be tested with a small group of customers by the end of 2019 before a full UK launch in 2020, according to the company.

The new mortgage product will benefit from Open Banking as it seeks a fresh approach to identifying good borrowers via a new credit scoring model. Tandem expects to be able to offer mortgages to some people who may have been denied by traditional lenders.

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