Specialist lender Vida Homeloans has received its full banking licence and will operate under the name Vida Bank.
In 2022, the lender announced it was seeking its banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Vida Bank said gaining this marked the “beginning of an exciting new chapter for the business”.
Vida Bank will be able to offer retail deposits, which will enhance its funding base and “allow it to compete at a far greater scale”. It said this would widen its customer offerings and help to provide a stronger service to intermediaries.
It plans to launch retail deposits at the end of the year, which will be “keenly priced”.
The banking licence will also enable Vida to progress with its growth plans and become more competitive. Vida said it would offer more competitive pricing, expand its product suite and serve more customers.
The lender said its core purpose as a specialist bank would remain unchanged.
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Anth Mooney (pictured), CEO of Belmont Green, the parent company of Vida Bank, said: “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.”
He added: “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.”
Belmont Green delivered £190m in gross mortgage lending for the year 2023.
