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Tandem Bank announces crowd-designed mortgage

Wednesday 14 August 2019 | 01:06 PM CET

Tandem Bank has announced it is developing a “widely accessible” mortgage and is asking UK consumers to help with the creation of it.

Enabled by Open Banking, Tandem plans to offer mortgages to first-time buyers and property ladder hopefuls based on a range of financial touch points.

It plans to feed this input into the design phase of the mortgage, ensuring that the new product caters to consumer needs. This will then be tested with a small group of customers by the end of 2019 before a full UK launch in 2020.

Whether this will be one single mortgage product or multiple will depend on the responses received over the course of the consultation which is expected to last at least two months. The bank will then examine patterns in the answers and use them to develop a product suitable for “the majority of people”.

The mortgage product will be only available directly though the bank when it launches.

Tandem is also looking to offer a range of different solutions to assist consumers – such as those who work freelance or have previously been rejected for a mortgage – wanting to get on the property ladder, including Help to Buy and shared ownership.

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