Below is an update from Tandem Home Loans. Contact our team today for more information.
Announcement
We would like to keep you up to speed with some changes here at Tandem Bank.
Lender Base Rate (LBR) Change – Reduction
Tandem Home Loans will be reducing the Lender Base Rate (LBR) to 3.75% with effect from today – 19th January 2025. Our stress test has also been updated in line with LBR change.
How will this affect our pipeline?
Offers issued up to 19th January. If your customer has already received a Mortgage Offer from us, then you need do nothing. When the customers fixed term period is due to end, we notify customers of the Lender Base rate applicable at that time.
Offers Issued after 19th January. If you have produced a Mortgage Illustration (ESIS) on our system prior to 19th January, that is still within its 30-day validity date and proceed to submit the case for underwriting, we will issue the Binding Mortgage Offer (BMO) reflecting the new LBR with a rate change offer cover letter which notifies the customer of the decrease in base rate. This also applies to pipeline cases already submitted to the office.
- Tandem I&E V3.1
Please replace all previous versions.
Pipeline Validity & Changes
We would like to remind you that the existing pipeline and rate validity is 30 days.