Tandem Bank Mortage

Crinkles90

We are first time buyers, I am struggling to find any information/customer reviews for their mortgage product. 

Our application was submitted on the 2nd of May, on the 4th of May they ran our credit checks, on the 5th of May they asked for the last two year SA302s which were provided on the 9th May. The same day they asked for another 3 weeks of payslips and sent us a link to verify our ID. We are expecting an update on Friday.

I assume that they now have all the information needed? I am also assuming that the valuation won't be booked until they are happy with everything. 

Am I right in saying the above? Has anyone had any experience with the company and their mortgages? 

Would they have declined by now if they were not happy with any of the above?

Thank you. 

ACG

If you have not heard back then they have not reviewed the latest documents sent over so I would say there is probably still time for them to decline you. 

In fairness, it is unlikely you will get declined - we only get maybe 2 declined applications a year for example. I imagine that is fairly similar across the board with most reasonable brokers. 

I dont have any experiences with Tandem, so it would be great if you could feed back how they are. I come on here to learn as much as I do to help, so any feedback would be good. 

No19v87

ACG said:

If you have not heard back then they have not reviewed the latest documents sent over so I would say there is probably still time for them to decline you. 

In fairness, it is unlikely you will get declined - we only get maybe 2 declined applications a year for example. I imagine that is fairly similar across the board with most reasonable brokers. 

I dont have any experiences with Tandem, so it would be great if you could feed back how they are. I come on here to learn as much as I do to help, so any feedback would be good. 

Out of interest, what are applications declined for?

My broker has been so thorough he could probably supply them with my inside leg measurement, just curious as to what could let it go sour from here.

ACG

I had one last week which was down to the valuation - in fairness though, we knew it was going to be a strong possibility it would fail the valuation. The alternative lender was about £4k more expensive over 2 years, so the customer wanted to take a punt.

We occasionally get customers forgetting or lying. We seem to have knocked that on the head by updating our terms a couple of years ago to basically say we charge a £250 admin fee if you withhold material information (we bold and underline it), it rarely - if ever happens now. 

Sometimes it is just underwriters discretion. Those are 50/50, sometimes we put together a case and appeal it and get it overturned, other times we do not. 

Sometimes I get it wrong. 

A decline is not the end of the world. I remember when I first became a broker and got a decline. I used to want the floor to open up! Having to go back to a customer and tell them it had been declined was awful and so I know the stress customers feel as I used to be the same. But as I became more experienced I realised it is part of the job, you will never get 100% accepted. But of the declines, 99% of those end up getting placed with a Plan B. 

Most of what I do is adverse, so sometimes we make applications with cheaper lenders on a bit of a hope as it is borderline normal lender/specialist lender, so declines are expected. But we talk it through with the customers upfront so they know its a possibility and not to worry if it does happen (although I am sure they still do). 

Crinkles90

ACG said:

If you have not heard back then they have not reviewed the latest documents sent over so I would say there is probably still time for them to decline you. 

In fairness, it is unlikely you will get declined - we only get maybe 2 declined applications a year for example. I imagine that is fairly similar across the board with most reasonable brokers. 

I dont have any experiences with Tandem, so it would be great if you could feed back how they are. I come on here to learn as much as I do to help, so any feedback would be good. 

Thank you, 

This is reassuring. We had an update yesterday where they requested clarification on a few things which we provided to our broker. 

So far our experience with them has been positive but I will keep this post updated with how everything goes.