Intermediary-only lender Tandem Bank has unveiled an initiative entitled ‘Treating Brokers Fairly’.
Tandem committed to continuing to prioritise brokers, by giving adequate notice of product changes, helping them support their own clients.
As part of the launch, Richard Angell (pictured), national account manager at Tandem, shared his belief that brokers should be treated fairly, freed from excessive working hours and unwarranted stress, particularly during difficult times.
In light of Tandem’s recognition of the broker’s importance, brokers have been sharing their reactions to this news.
Reaction:
Rita Kohli, managing director at The Mortgage Stop:
“This is very welcome from Tandem and sets a new benchmark for responsible behaviour from lenders.
“I’d love to see the intermediary trade bodies praise this and advocate for it to be adopted as best practice across lenders.”
Riz Malik, founder and director at R3 Mortgages:
“Well done to Tandem for their commitment to fair dealings with brokers, a move they’ve undertaken independently.
“We, as brokers, understand how market volatility can fuel anxiety and stress for both clients and ourselves.
“Hopefully, the rest of the industry can take note and review their own operations.”
Jamie Lennox, director at Dimora Mortgages:
“Hats off to Tandem for launching ‘Treating Brokers Fairly’.
“Brokers and lenders don’t need to be constantly at war with each other and it is great to see the support being given to work in unison.
“This will ultimately result in better outcomes for clients as well.”
Katy Eatenton, mortgage and protection specialist at Lifetime Wealth Management:
“This is an amazing initiative and a breath of fresh air.
“Tandem are a new lender to the market, and they are definitely making themselves known.
“Let’s see who is brave enough to follow suit.”
Rob Gill, managing director at Altura Mortgage Finance:
“It’s good to see a lender promoting initiatives that are good for their broker partners, their own staff and, ultimately, the client.
“A win-win-win and here’s hoping other lenders, large and small, are able to follow suit.”
Michelle Lawson, director – mortgage and protection adviser at Lawson Financial:
“There are five words that describe this: Broker Friendly Common Sense Lending.
“Tandem are going above and beyond by committing to not just one proposal made by brokers but every single one of them.
“Roger Morris and his team have always been supportive of the broker community and this is very welcome. Other lenders: brokers are watching you.”
Scott Taylor-Barr, financial adviser at Barnsdale Financial Management:
“It is great to see a lender step up and take notice of the issues their intermediary partners are facing. Whilst “adequate notice” is a little vague, it is appreciated.
“The real wins here, though, are the promise to only implement rate changes during working hours and to allow rates to be secured at DIP stage.
“Let’s hope that a few other lenders follow Tandem’s lead and start to think a little more about the stress and unsociable working hours that they choose to impose on the people that provide them with 80%+ of their new business.”
Stephen Perkins, managing director at Yellow Brick Mortgages:
“It is great to see a lender thinking about how to make life better for their introducing brokers, and in so doing, also fairer to the clients.
“I applaud Tandem Bank for these policy changes and hope more lenders follow suit.
“With over 80% of mortgage lending coming through brokers, you would think that treating brokers fairly would be of higher importance to lenders.”
Chris Schutrups, founder at The Mortgage Hut:
“Kudos to Richard the team at Tandem Bank.
“It’s great to see an intermediary lender considering all stakeholders in the process.
“It would be equally great to see other intermediary lenders follow suit and show the PLC banks the way forward.”
