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Tandem

Mortgage Type

Residential

Property 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 years

Minimum Age

21 years old

Maximum Age

70 years old

Family 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 job
100% of monthly or quarterly bonus/commission accepted for affordability (if consistent)

Let to Buy (Turning Residential into Buy to Let)

No

Ex-Local Authority Properties

Houses & Flats yes.
Minimum 51% private ownership required in blocks & subject to valuers comments.

Minimum Ownership

6 months

First 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 Range

New Builds

Maximum 85% LTV for houses and flats
Our 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

No

Historic 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

2

Countries

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 13-24

Shared Ownership

No

Right to Buy (RTB)

No

Debt Management Plan

Yes, can consider:

No active plans allowed (Settled on Tier 3, must be settled>12 months ago)

Help To Buy (Shared Equity)

No

Ex-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 cap

IVAs

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

No

Payday 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% LTV

Lenders completion fee

Can be added to loan but not included in LTV

Affordability

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.


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