Tandem Bank is developing a new mortgage product which will see borrowers have an input into the design phase of the mortgage.
Tandem wants consumers to feed into the process, sharing their personal must-haves for a mortgage by signing up to be part of a group of co-creators.
The bank will also be utilising Open Banking to identify trustworthy borrowers by using a customer’s aggregated financial data to form a more rounded picture of how they borrow, spend and save.
Nick Bennett, chief operating officer at Tandem Bank, said: “Tandem is building a mortgage proposition that reflects the changes that are happening in the sector whilst challenging some of the established ways of doing things.
“We’re looking at new and intelligent ways of assessing whether a potential customer is creditworthy, as well as ensuring our mortgage offering meets the needs of today’s consumers rather than taking a traditional approach.
“This is why we’re keen to have as much input as possible from the public on ways in which we can improve the current market offering”
This new product then be tested with a small group of customers by the end of 2019 before a full UK launch in 2020.