Tandem Bank’s mortgage division will launch a range of first charge products for remortgages and unencumbered property next week. 

Tandem has changed and improved its mortgage application process which includes a fair notice period for all interest rates and product withdrawals. The lender will also assess an applicant’s credit file based on 22 months rather than the industry average of 60 months.

Fixed rates will be booked at the time of an accepted agreement in principle. This is to allow brokers and their clients to book the rate before submitting a full application.

Meanwhile, Tandem will offer automated valuation models or free valuation up to £750,000 as well as free lender-only legals.

The lender says no interest or charges will be added to broker or completion fees when the borrower requests they are added to the mortgage.

Post-completion, product transfers will be available for clients and borrowers can port their existing mortgage when moving to a new house. 

Decisions in principle and full applications can be submitted and tracked using the lender’s mortgage portal. 

Tandem mortgage division managing director Steve Beard says: “Richard Angell, our head of sales and national accounts, has worked tirelessly with the team over the past twelve months to rewrite the way remortgages are conducted to speed up the process and to provide real value for customers.”

Angell adds: “Tandem is setting its stall out to be the specialist lender for remortgages and next week, we will be launching our first comprehensive first charge remortgage product range featuring all of the above features through some of the best clubs, networks and large brokers in the UK. There will be more to follow soon.”

Last week, Tandem Bank announced the appointment of Roger Morris as director of sales and distribution for its mortgage division. 

Morris is responsible for leading the team and building the firm’s intermediary mortgage business.