Vida Homeloans Receives Banking Licence and Plans to Operate as Vida Bank
Vida Homeloans, one of the UK’s leading specialist mortgage lenders, has announced today that it has received PRA and FCA authorisation to become a fully licenced bank. The company plans to operate under the new name Vida Bank.
This significant milestone marks the beginning of an exciting new chapter for the business, offering enhanced opportunities for growth and the provision of a broader range of services for our customers and intermediary partners.
Strengthening Partnerships and Enhancing Offerings
As a specialist mortgage bank, Vida’s new ability to offer a range of retail deposits will strengthen its funding base and allow it to compete at far greater scale, broadening its customer offerings and providing even stronger service for intermediary partners.
Vida’s core purpose as a specialist mortgage bank remains unchanged, focusing on helping more people find a place to call home, be that by securing a mortgage on their own property or by renting from one of its landlord customers.
Unlocking New Opportunities for Sustainable and Profitable Growth
Obtaining a banking licence will allow Vida to accelerate its growth ambitions and become more competitive in the specialist mortgage market. With this new status, it’s poised to offer more competitive pricing, expand product offerings and serve a far broader customer base. A commitment to sustainable growth underpins these efforts, ensuring value for all stakeholders while safeguarding the business and its customers.
In addition to strengthening the mortgage proposition, Vida will soon begin accepting retail deposits, introducing a range of attractive savings products before the end of the year. These keenly priced savings products are designed to provide additional options for savers who may not always see the return they hope for from their current bank.
Anth Mooney, CEO, commented:
"This is a monumental day for us at Vida having only submitted our application at the beginning of this year. 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. I want to thank our exceptional team for their unwavering commitment in achieving this important milestone and express my personal gratitude to our regulators for their exceptional support and expert guidance during the application process. As we move forward, we are committed to maintaining the highest standards in everything we do. We very much look forward to further strengthening our specialist mortgage proposition and to launching our very first savings products in the coming days."
