Mortgages  

Lender asks consumers to help design mortgage product

Sarah Drakard, adviser at Cruze Financial Solutions, said: “Banking is definitely about to go through a huge change. 

“Lots of what we traditionally had was pretty standard banking from the big five banks and people were scared to step away. Now suddenly online banks, algorithms, apps, robo-advice and lifestyle tools could change banking and finance forever.”

Ms Drakard said there were times as a broker where she could see someone could afford something but they didn’t quite fit the rules, and she thought Tandem could work for such borrowers.

She added: “Overall, technology and new ways of underwriting can only be a good thing long term but I’m sure there will be some bumps in the road while it develops.”

Kevin Dunn, director at Furnley House, said: “It’s great to see innovation within the mortgage marketplace, it will be interesting to see how the proposition shapes itself within the coming months and years.  

“Although there is quite a healthy market place already for people who may struggle with high street lenders' credit scoring system, this will be a welcome addition to add to the competition and hopefully increase options when it comes to reviewing your mortgage.”

imogen.tew@ft.com

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