Vida Homeloans, a leading specialist mortgage lender in the UK, has reached a significant milestone by obtaining authorization from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to become a fully licensed bank. With this achievement, the company will rebrand as Vida Bank, ushering in a new era of growth and expanded offerings.
Revolutionizing real estate: Mortgage transformation, new business models and home ownership ecosystems
Strengthening customer and intermediary partnerships
The transition to Vida Bank enables the company to broaden its services, particularly through the introduction of retail deposit products. By expanding its funding base, Vida aims to provide even greater value to customers and intermediary partners. While its core mission remains focused on helping individuals secure a home—whether through property ownership or renting—the added capabilities as a bank will enhance its ability to deliver on this purpose.
Unlocking new opportunities for growth
Becoming a licensed bank positions Vida to accelerate its growth strategy and solidify its competitive edge in the specialist mortgage market. The bank’s expanded status will enable it to offer competitive pricing, diversify its product offerings, and serve a wider customer base. Sustainability remains a cornerstone of its strategy, ensuring long-term value for stakeholders while prioritizing the financial security of its customers.
Introducing savings products for savers
In addition to bolstering its mortgage services, Vida Bank will launch its first range of retail savings products by the end of the year. These products are designed to offer savers attractive alternatives, addressing the needs of those seeking better returns than traditional banks currently provide.
CEO Anth Mooney commented, “Receiving our banking license is a monumental achievement. It validates the hard work of our team and opens tremendous opportunities for growth and innovation. We look forward to strengthening our mortgage offerings and launching our first savings products in the coming days.”
