Tandem Bank launches new green product feature as first phase of new plans to support customers with greener living, through its business Oplo

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 Bank
May 3, 2022

New second charge mortgage feature offers rate reductions of up to 0.5% based on EPC rating

Tandem plans to launch further products and initiatives as part of its mission to becoming the UK’s fairer, greener digital bank

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 in Tandem’, 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, SteveBeard, 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.”

EPC Home Rating Discount rate for new customers
A 0.50%
B 0.30%
C 0.20%

Notes:

1.      Green discount applied at point of application. Customers can find out their EPC rating here

2.      Tandem’s mortgage products are available here

3.      Oplo’s second charge mortgage products are available here

4.      Tandem launched in 2014 as one of the UK’s original digital challenger banks providing customers with simple, transparent and fair products across its range of savings, green home improvement loans and mortgages

5.      Tandem acquired Harrods Bank in 2018 and Allium Lending Group in 2020 – a business focused on the home improvement lending sector

6.      Tandem acquired leading consumer lender Oplo in January 2022 – a profitable consumer lending business focused on the new mainstream of UK borrowers underserved by traditional high street banks

7.      Tandem has offices in London, Blackpool, Cardiff, Durham and Manchester and employs over 500 people