Legal & General Mortgage Club has today added Tandem, one of the UK’s original digital challenger banks, to its lender panel.
7 Feb 2023
The addition will give the Club’s network of advisers’ access to a wider range of specialist mortgage products suitable for consumers who may need a more tailored product.
Tandem, which launched in 2014, has since purchased Harrods Bank and merged with Oplo. It is now focused on becoming a greener, digital bank. Tandem Bank currently offers discounted rates on specialist mortgages for those interested in greener living, with a 0.3% first-time reduction for customers with an A, B or C EPC rating on their home.
Its maximum residential loan size stands at £750,000, but bespoke mortgages can extend to loans of up to £2.5m.
Additionally, Tandem offers bespoke underwriting services for borrowers with a more complex set of requirements.
Danny Belton, Head of Lender Relationships, Legal & General Mortgage Club: “I’m really pleased to announce that we will be offering Tandem’s specialist residential lending products to the broker network at Legal & General Mortgage Club. Rising electricity and gas bills have thrown energy-efficiency to the top of the agenda for many consumers this winter. In this environment it’s fantastic to be able to offer our brokers access to more products that reward customers for making greener choices.
“I have every confidence that this will be a welcomed addition by our broker community, who can now help their customers benefit from Tandem’s specialist products and bespoke underwriting service. In such a busy market, it’s vital that brokers have the tools and products they need to support buyers, whatever their needs.”
Richard Angell, Head of Sales and National Accounts, Tandem Bank: “I am absolutely delighted that Tandem Bank has been appointed to the Legal & General Mortgage Club panel. As Tandem enters the long-term specialist lending arena, the chance to work closely with Legal & General’s dynamic team, especially as we launch our reimagined remortgage proposition is just too good an opportunity to pass up. There are so many opportunities to collaborate over broker education and the chance to match up our technology with the advances made by Legal & General – an area in which Legal & General certainly leads the way.”
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.13 million retail policyholders and workplace members.
In 2022, we had total individual annuity sales of £954 million, and issued £632 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 4.9 million members, while our Protection businesses gave peace of mind to more than 6.3 million UK life insurance, 1.8 million group and 1.5 million US customers, taking in £3.1 billion of gross written premiums.
*at 31 Dec 2022