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Published 03 July 2024
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Tandem Secured Loan Review: Pros, Cons & Features

You could look into a Tandem secured loan if you want flexible borrowing and repayment options with no minimum property value required. Here’s our Tandem loans review.

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Tandem secured loans: at a glance

Tandem offers fixed-rate secured homeowner loans up to a maximum of £250,000. Some lenders offer larger amounts, but with Tandem loans you could borrow up to 95% of the equity in your home, which is more than some lenders we’ve reviewed.

Homeowner loans are a type of secured loan. With these loans, borrowers use their homes as security for the loan they want to take out. This type of loan is also known as a second charge mortgage. Importantly, using your home as security means it could be repossessed by the lender if you fail to make loan repayments when you should.  

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Tandem Home Loans

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay. This secured loans comparison and quote service is presented via our partnership with Norton Finance. Data provided is submitted directly to Norton Finance. Nerdwallet Ltd does not form part of the service beyond this introduction.

Tandem Secured Loan

Tandem Secured Loan
  • Available Terms
    5 to 25 years
  • Available amounts
    £10,000 to £250,000
  • Maximum LTV
  • Rate Options
    Fixed Only

This secured loan provider is one of a panel of lenders available via a comparison and quote service provided via our partnership with Norton Finance. Data provided is submitted directly to Norton Finance. Nerdwallet Ltd does not form part of the service beyond this introduction.

Eligibility Criteria
  • Must be at least 21 years old and a UK resident

Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.

Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. 

Important information: Neither our review nor star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Always check and compare a lender’s rates against others on the market when considering a secured loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.

Tandem secured loans pros & cons



Tandem loans overview

Tandem is a UK-based digital bank that offers a range of products for both savers and borrowers, from instant access savings accounts to standard mortgages. As a challenger bank, Tandem says it specialises in ‘green’ products designed to benefit the planet. For example, borrowers taking out a secured home loan could get a 0.3% rate reduction if their home has an energy efficiency rating of A or B.

Tandem secured loans are available for between £10,000 and £250,000, and up to a 95% LTV. The repayment period, over which you can repay the loan, ranges from between five and 25 years.   

Loan amounts£10,000 to £250,000 
Term lengthFive to 25 years
Maximum loan-to-value (LTV)95% LTV 
Customer supportPhone, email
Trustpilot rating*4.2 stars (3 July 2024)

* Rating relates to Tandem’s brand and its whole product range rather than just its home loan.

Where Tandem secured loans stand out

You can borrow up to 95% LTV

Though there is an increased risk involved in borrowing high amounts against the value of your property, Tandem loans can be taken out of up to 95% of the equity in your property. Other secured loan lenders we’ve reviewed tend to cap loan-to-values somewhere between 75% and 85%. However, keep in mind that the maximum loan amount is £250,000.

There is no minimum property value

Some lenders may require a minimum property value of £75,000 or £100,000, but with Tandem there is no such requirement. 

Where Tandem secured loans fall short

Limited information available on its website

While Tandem’s website lists various options and terms available for its secured loan, limited eligibility criteria can only be seen in its FAQs section, where it mentions that other terms and conditions and criteria may apply.

Maximum loan amount and term are lower than other lenders

Borrowers could access up to 95% of the equity in their home with a maximum loan amount of £250,000, which is lower than some of the lenders we’ve reviewed. The maximum term is 25 years, which could make the loan less flexible if you wanted to pay over a longer time frame. Some lenders we’ve reviewed offer 30 years.

» MORE: Compare best secured loans

What type of loans does Tandem offer?

Secured loans

Tandem offers secured loans in the form of a homeowner loan, which allows you to borrow funds using the equity in your home as security for the loan.  

With these types of loans, it may be possible to borrow larger amounts, at potentially lower rates, than you may be able to with an unsecured personal loan. Unsecured loans mean that you’re not required to put forward a high-value asset as collateral for the loan. 

However, it’s vital to be aware that with a homeowner loan, the lender has the option to repossess your home if you fail to make your loan repayments when you should.

How much you’re allowed to borrow will depend on the amount of equity you have in your home, your personal circumstances and credit checks Tandem will carry out on you. 

» MORE: What is a secured loan?

Home improvement loans

As part of its specialism in ‘green’ products, Tandem offers home improvement loans to make homes more energy efficient.

It offers these loans through Allium Money, which is owned by Tandem. Allium Money is a specialist lender focused on the green energy sector. But you can’t apply for a loan directly – its loans are only available through third parties and brokers.

» MORE: Secured loans for bad credit

What can I use a Tandem secured loan for?

Tandem home loans can be used for a number of reasons, including to:

» MORE: Secured vs unsecured debt consolidation

Why do people take out secured loans?

Sometimes people find that they have a better chance of getting a secured loan than an unsecured loan, perhaps because they are self-employed or have a bad credit score. What’s more, the maximum amount available through a secured loan is often greater than what’s available through an unsecured personal loan, so they can help to fund larger purchases.

» MORE: What are the differences between secured and unsecured loans?

Tandem secured loan eligibility criteria

Tandem requires you to be a UK resident, aged 21 or over and a homeowner. You can check that you’re eligible for a secured loan without it affecting your credit score.

There is a minimum net monthly income requirement of £1,300 for a single application and £1,600 for a joint application.

Tandem doesn’t require a minimum property value.

» MORE: Should you take out a loan against your house? 

Tandem secured loan features


Tandem currently offers fixed-rate homeowner loans. With a fixed-rate loan, you get certainty over your monthly repayments for the length of the fixed-rate period. This differs from a variable rate loan, on which your monthly repayment could rise and fall. 

Keep in mind that the rate you receive is down to your personal circumstances. Tandem says that it will base it on factors including your credit history, credit rating and financial status.

» MORE: How are fixed and variable mortgages different? 

Loan-to-value ratios

It’s possible to borrow up to 95% of the value of your property with a Tandem home loan. However, higher LTVs come with increased risk. While you may be able to borrow a larger amount than would be possible from other lenders we’ve reviewed, you should carefully consider the impact it could have if your financial circumstances change, or property values drop. 

Making overpayments

A Tandem home loan allows penalty-free overpayments. Making overpayments can help you shorten the term of your loan, or lower your future monthly repayments. 

But it’s important to check the terms and conditions of your loan before making overpayments, because lenders can apply a cap on overpayment amounts before you’re hit by early repayment charges.

Paying off a loan early

If you pay off your loan early, Tandem says it can charge a fee of up to two months’ interest on the outstanding balance from the date you make the payment.

If you think that you might make an early repayment, be sure to check your agreement before signing about the fees you may have to pay and speak to Tandem to clarify any details.

Customer support

Tandem offers customer support over the phone and by email. If the answer to your question isn’t in the FAQs section of Tandem’s website, you’ll be directed to the relevant contact details. There are contact details for new application queries, and existing customer queries, as well as an online portal and dedicated phone number for making payments. 

Customer ratings

Tandem has an overall rating of 4.2 stars out of five from more than 4,000 reviews on Trustpilot – a score that the review site equates to ‘Excellent’. Almost two-thirds of reviews have awarded the bank five stars.  

While the score reflects all the products and services offered by Tandem in the UK, and not solely its homeowner loan product, the average rating of 4.2 stars still reflects positively on the bank. 

This information was correct as of 3 July 2024.

How can I apply to Tandem?

You’ll need to apply through a broker if you want a Tandem secured loan. The advantage of using a broker is that you can benefit from their guidance and expertise throughout the application process but you’ll need to check if it charges any additional fees for its services.

What information do I need?

When applying for a homeowner loan you should usually be prepared to share:  

How long does it take to apply?

Tandem says that it gives a decision in principle in seconds, but the final decision to lend is subject to a full file application and review. The bank has told us that the current turnaround time from full mortgage application to receipt of funds is 13 days.

Tandem FAQs

Who is Tandem owned by?

Tandem Money is the group that owns Tandem Bank. Tandem Money is based in Blackpool.

How safe is Tandem?

Tandem is regulated and authorised by the Financial Conduct Authority, the financial services regulator in the UK.

Help if you’re struggling with debt

Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing 

If you are struggling with debt, you can seek advice from a debt advice service, such as:

Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.

Late repayments can cause you serious money problems.

Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.

Review methodology

At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.

Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.

Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.

While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.

You can view our full review methodology here.

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