Tandem Bank buys £100m mortgage book

In the past 12 months, Tandem Bank has seen a number of twists and turns in its strategy including the shuttering of its credit card business back in September of 2020, and the intention to become a 'green' bank.

Tandem Bank bucks a trend among UK banking fintech start-ups. It’s no stranger to an acquisition or two. 

The digital challenger has continued the trend in 2021 by buying Bank and Clients’ £100m mortgage book.

Bank and Clients is a UK-based private bank spun out of a number of different assets including those from Northern Rock and Virgin Money branded under the moniker in 2014. 

The firm has however seen turbulence in its operations in recent months and years. It’s CEO Claire Bridel alongside a number of other directors have stepped down as of last week, according to Companies House.

Sale of the assets will see 300 of the private bank’s mortgage customers move over to Tandem later in February alongside its servicing teams. But Tandem says customers will see no changes to the terms and conditions of their mortgages.

Paul Noble, Chief Commercial Officer at Tandem Bank says, ramping up its mortgage book is key to fulfilling its ambitions to be a leading ‘green’ bank.

“In 2020 we committed to becoming the UK’s first good green bank and our mortgage offering will be a huge part of that. We offer a range of products and services, to help customers not only get the best deals and rates, but to help them make their homes and financial products more environmentally friendly.”

“We are excited to onboard our new customers and look forward to continuing with our green journey with a wide range of green products and services expected in the coming months.”