It plans to rebrand as Vida Bank
Specialist mortgage lender Vida Homeloans has received authorisation from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to operate as a fully licensed bank.
“This is a monumental day for us at Vida having only submitted our application at the beginning of this year,” said Anth Mooney (pictured), chief executive of Vide Homeloans. “Receiving our banking licence not only validates the hard work and dedication of our entire team but also opens up tremendous opportunities for further growth and innovation.”
With its new banking licence, the firm plans to rebrand as Vida Bank and diversify its funding sources by offering retail deposit accounts, enabling it to compete at a larger scale while supporting its network of mortgage brokers and intermediary partners.
The ability to accept retail deposits is expected to bolster its funding base, enabling more competitive pricing and expanding its reach to a broader customer base. The lender said it will maintain its focus on supporting customers who may face challenges securing mortgages, such as the self-employed, first-time buyers, and landlords.
As part of its new banking capabilities, Vida aims to launch a suite of savings products by the end of the year. The products will target savers looking for more attractive returns compared to traditional bank offerings.
“As we move forward, we are committed to maintaining the highest standards in everything we do,” Mooney said. “We very much look forward to further strengthening our specialist mortgage proposition and to launching our very first savings products in the coming days.”
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