Tandem Home Loans with Aro

Who is Tandem?

Tandem is the green, environmentally friendly lender. Apart from caring about the planet they also have been rated excellent on Trustpilot, so you can trust they bring a whole new level to reliable lending. As big believers in fair finance, they’ll support you through the entire process, thanks to their easy to access contact centre and helpful blog full of guides. 

How much can I borrow with a Tandem secured loan?

With a Tandem homeowner loan you can borrow as little as £5,000 to a whopping £250,000. The amount you’ll receive all comes down to you, how much you want, and of course your personal and financial circumstances. 

Check out our guide all about borrowing amounts for all the extra information.  

What interest rate will I get from Tandem?

As you’re finding out all you can about the world of finance and loans, we’re sure it won’t come as a surprise to you that the interest rate you’ll be quoted is completely unique to you. Tandem will look at things like how much equity you have in your property, if you have any outstanding debt and your credit history. 

If you haven’t already, it’s a good idea to familiarise yourself with the differences between real rates and representative rates.  

Real rates 

Is the actual rate offer you’ll receive if you take out the loan. It’s great because it means you get to know how much the loan and interest will cost you in total before you even apply.   

Representative rates

This can also be referred to as a typical rate and it’s more commonly used than real rates. You’ll know when you’re being shown a representative rate because it always has the word ‘representative’ included, for example 25.4% APR Representative.   

Because this isn’t a guaranteed rate it does mean the rate you’re offered could turn out to be higher or lower than the one you saw advertised. 

Take a deep dive into everything real and rep rates.

What can I use a Tandem secured loan for?

If you’re taking out a homeowner loan, you can use the funds for loads of different things, big or small, flashy or practical, it’s up to you to decide what you want to put the money towards.  

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.  

Here are just some of the ways you can use your loan:

Debt consolidation

Reduce any outstanding debts you may have by paying them off with a consolidation loan that has a lower APR. 

By consolidating existing borrowing, you may be extending the term of the debt and increasing the total amount you repay.

Want to learn a little bit more? This blog post chats through what a debt consolidation loan actually is. 

Home improvements

Extensions, refurbishments, new windows… loft conversions, insulation, solar panels… whatever you’re adding to your Pinterest board for inspiration, a home improvement loan could help bring all your ideas to life.    

Discover how to finance home improvements with our handy blog post.  

Weddings

We all know they aren’t cheap, pop the word wedding in front of anything and it can triple in price. If you don’t want to cut corners on all the things that are important to you – the band, the menu, the lighting and everything in between – a wedding loan could help you live out your dream wedding.  

For more information see our guide about taking out a loan for a wedding. 

Home furnishings

Making your house a home doesn’t come cheap. So a home furnishings loan could help you buy everything you need, like comfy sofas, dreamworthy beds, or striking dining room tables and chairs.       

Wondering where to spend your home furnishing loan? We’ve compiled our thoughts on where to splurge and where to save for home furnishings in this handy blog post. 

Caravans / motorhomes

Whether you’re hoping from city to city, cruising the coasts, or hiding out in the countryside a secured loan could help you spread the costs of your next big exciting purchase.  

Additional properties 

Want to establish yourself on the property ladder? An additional property loan could help you purchase a second home.  

Expanding your property portfolio just got a little easier thanks to our guide all about buying a second home. 

Purchase freeholds

Buying the freehold thanks to a second charge mortgage offers lots more freedom for you and your finances. Not only are you saying goodbye to the days of paying for service charges and ground rent, but you’re opening up a world of extra benefits. Benefits like, extending your lease, finding fairer priced maintenance and insurance, as well as adding value to your property.       

Medical procedures 

A medical loan can be used to help you pay for a wide range of medical treatments. The most common medical loans in the UK include: 

• Dental work
• Cosmetic surgery
• Private health services
• Emergency surgery
• Fertility treatment

Who is eligible for a Tandem secured loan?

There are quite a few factors that can determine if you’re eligible for finance or not. Tandem will probably look at a handle of things like your credit history, affordability and personal circumstances. They will no doubt have an extra few bits of eligibility that they will make you aware of before you proceed with your application.    

How quickly do Tandem payout their loans?

Because a homeowner loan is secured against your home our qualified advisors take extra care to make sure you fully understand the risks that are associated with taking a loan out against your home. Because of this and the paperwork that surrounds it, it can take 10 days to two weeks for a loan to complete. 

Although when you’ve completed our eligibility check and continue to perform a hard check you will get a decision in minutes.     

Does Tandem have Open Banking enabled?

We’re excited to say, yes. Tandem has Open Banking available. This is a great thing for you because it means they won’t purely make a decision based on your credit history and affordability. Instead, Open Banking allows them to look at your finances as a whole and get a better understanding of you and what you can afford. 

To learn more about Open Banking our  “What is Open Banking and how does it work?” blog is a great resource.     

Are there any added benefits to a Tandem secured loan?

From an environmentally conscious business strategy and the belief in financial education to open communication channels and a customer first approach, there’s a reason Oplo has been rated excellent on Trustpilot.    

What should I consider before taking out a Tandem loan?

As with all loans we encourage you to crunch numbers to see if you can afford the monthly repayments. As well as think very carefully before taking out a homeowner loan and securing the borrowed money against your home. 

You should also fully understand missing your payments could lead to your home being repossessed. It’s important to note, if you’re thinking about merging existing debts you could extend the term of the debt and this can increase the total amount you repay.    

Before starting your finance journey, make sure you read our loan search checklist guide. 

Think carefully before securing other debts against your home. By consolidating existing borrowing, you may be extending the term of the debt and increasing the total amount you repay. 

How do I check my eligibility for Tandem secured loans?

It’s simple, complete our easy to use eligibility form. All we ask is that you share some of your details with us and our algorithm will get to work and run a soft check against your credit history. If you’re eligible for a homeowner loan, we’ll let you know in your offers list. 

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.   

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