New 2nd charge mortgage feature offers rate reductions based on EPC rating
Tandem Bank launches new green product feature as first phase of new plans to support customers with greener living, through its business Oplo.
May 3, 2022
Leading digital bank Tandem launches new green product feature as first initiative in the second charge mortgage market as it continues its mission to becoming the UK’s fairer, greener digital bank.
Tandem’s new second charge mortgage feature will offer a ‘green discount’ on new second charge mortgages, operated under its Oplo brand, offering a rate reduction of up to 0.5% for new customers with an EPC rating of A, B or C.
Tandem believes strongly that banks can play a big part in supporting consumers to reduce their home’s carbon footprint. And with the UK Government estimating that on average every home in the UK will have to reduce 3.6 tonnes of carbon emissions by 2030 to keep us on track for hitting 2050 Net Zero targets, this is the first initiative in mortgages to support customers going ‘greener’.
Tandem’s recent research shows that over a quarter of Brits are unaware, uninformed, unwilling or unsupported on how to approach greener living. It’s clear we need increased awareness and support to help them tackle this important challenge.That’s why in the coming months, Tandem also plans to launch ‘Greener inTandem’, a series of initiatives and information to support customers understand their home’s current emissions, as well as what, where and how they can help reduce it.
Following its acquisition of Oplo in January 2022, Tandem has been clear on its intention to broaden and develop its product offering across a range of consumer lending products, including first and second charge mortgages.
Commenting on the launch, Steve Beard, Managing Director for Mortgages, said:
“This is an exciting step for Tandem. Climate Change is one of the most important issues we’re facing in society today. Our customers are increasingly worried about doing their part, and with 15% of carbon emissions coming from our homes, the time to act is now.
“Tandem is proud to play its role in supporting our customers make greener and fairer choices. Today’s launch is an exciting and important first step, and we hope to see customers doing more to improve their home’s EPC rating. This is the first step in our planned improvements for greener mortgages – we’ve lots more to do as we continue our mission to becoming the UK’s fairer, greener digital bank.”