Tandem
Mortgage Type
ResidentialProperty Value (min)
£75,000
90% Max LTX
Advance (min)
£25,001
Advance (max)
Under 85% LTV: £500,000
Over 85% LTV: £350,000 (Tandem Zero) £300,000 (Tandem One)
Max LTV 90% LTV
Term (Max)
35 yearsMinimum Age
21 years oldMaximum Age
70 years oldFamily Cash Gift Deposit
Yes, considered. Note, a personal loan as deposit can be considered.Family Gift of Equity Deposit
Yes, considered Note, a personal loan as deposit can be considered.Income (min)
Minimum income £12,500 from main job100% of monthly or quarterly bonus/commission accepted for affordability (if consistent)
Let to Buy (Turning Residential into Buy to Let)
NoEx-Local Authority Properties
Houses & Flats yes.Minimum 51% private ownership required in blocks & subject to valuers comments.
Minimum Ownership
6 monthsFirst time buyers are considered as: - Applicants without a mortgage for more than 36 months.
Permanent rights to reside and remain
Yes, required.Ex-Patriates
Currently Remo only. Available on Bespoke RangeNew Builds
Maximum 85% LTV for houses and flatsOur definition of a new build is any property that has been built in the last 2 years.
Our maximum exposure is 10% per new build site.
Credit Score
NoHistoric CCJ’s & Defaults
Defaults: Under £350 for comms & utilities do not affect product tier.Although Tandem don’t count CCJs/defaults <£750, they are still considered for affordability. Is that just any committed payment or would we take the balance outstanding (if no payment agreed)
– Tandem would include any monthly payment that the applicants are making to any CCJs or Defaults in the I&E. Also, if it’s within 2 years and they’re not making a payment, we would put 1% of the balance in as a payment for affordability.
All other unsecured account missed payments ignored if total balance of credit agreement under £500
Communications, Mail Order, Utilities missed payments (considered for criteria, not affordability purposes)
Mortgage and secured loan arrears are considered based on the product tier criteria
Tandem Zero is for applicants with 0 defaults, CCJs or missed mortgage payments in the last 24 months
Tandem One is for clients with up to 1 default, 1 CCJ and 1 missed mortgage payment per applicant.
The same rationale applies to Tandem Two and Tandem Three tiers.
Valuation Fees
Paid direct to lender at the lenders fee scales, found on both the lender website and product guide.Maximum number of applicants
2Countries
England and Wales.Access
Access to Tandem available via 3mc as your mortgage packager or mortgage club.Missed mortgage payments
See plan details. Max status1 in last 12, Max status 2 in moths 13-24Shared Ownership
NoRight to Buy (RTB)
NoDebt Management Plan
Yes, can consider:No active plans allowed (Settled on Tier 3, must be settled>12 months ago)
Help To Buy (Shared Equity)
NoEx-Bankrupts
Bankruptcy/IVA – Must be satisfied for at least 3 years. Max LTV 85% on Tandem One, Two & Three. Check product/criteria guide for up to date LTV capIVAs
Bankruptcy/IVA – Must be satisfied for at least 3 (used to be 2) years. Max LTV 85% on Tandem One, Two & Three. Check product/criteria guide for up to date LTV cap Same applies for DRO - Debt Relief Orders.Repossessions
NoPayday Loans
Max 1, none taken in last 12 months but can be current.Repayment Types
Capital and Interest UP TO 75%, Interest only and part & part 60% LTVLenders completion fee
Can be added to loan but not included in LTVAffordability
Yes, including using ONS statistics. Although Tandem don’t count CCJs/defaults <£750, they are still considered for affordability. Is that just any committed payment or would we take the balance outstanding (if no payment agreed)? – Tandem would include any monthly payment that the applicants are making to any CCJs or Defaults in the I&E. Also, if it’s within 2 years and they’re not making a payment, we would put 1% of the balance in as a payment for affordability.Employment
Min 12 months continuous, 6 months in current employ.Evidenced by last 3 months salary & P60.
12 months minimum period required for Umbrella paid workers.
Contractors/CIS/Agency permitted on Tandem One, Two & Three
CIS contractors. How do we treat them if they work under an umbrella company?
– If the umbrella company deals with the finance side for the applicant, i.e. the tax, national insurance, and pension contributions, then Tandem would be able to class them purely as an umbrella company.
Self Employed
Latest years’ figures used for self-employed customers, potentially including retained profits for Ltd Co Directors but: -Must have been trading for 3 years -
Evidenced by latest SA302, HMRC & Accts certificate.
Contractors/CIS/Agency permitted on Tandem One, Two & Three
When taking rental income into account does the applicant need to have been a landlord for 3 years? Or just the latest SA302?
- If the use of rental income is being used as additional income, Tandem just need to see 1 years SA302’s/ tax calculations and the HMRC Tax overview statement but if it were the applicant’s sole income, it would refer to our self-employed criteria and they would need to have been trading for 3 years under same company name etc.