Tandem Bank to offer crowd designed mortgages

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.