Vida Homeloans Secures Full Banking Licence and Rebrands as Vida Bank

Vida Homeloans, a prominent UK specialist mortgage lender, has achieved a major milestone by securing its full banking licence from both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Following this authorization, the company has officially rebranded and will now operate under the new name, Vida Bank.

This significant achievement marks the beginning of an exciting new chapter for the business, offering expanded opportunities for growth and the provision of a broader range of services. As a fully licensed bank, Vida Bank is now able to offer retail deposit accounts, which will significantly strengthen its funding base. This diversification of funding is expected to enable Vida Bank to compete at a larger scale within the specialist mortgage market, potentially leading to more competitive pricing and an expanded reach to a wider customer base.

Key Benefits

Anth Mooney, Chief Executive of Vida Bank, emphasized the importance of this milestone, stating that receiving the banking licence not only validates the hard work and dedication of the entire team but also opens up tremendous opportunities for further growth and innovation.

While embracing its new banking capabilities, Vida Bank has affirmed its commitment to maintaining its core focus: supporting customers who may face challenges securing mortgages, such as the self-employed, first-time buyers, and landlords. In addition to strengthening its mortgage proposition, Vida Bank plans to launch a suite of savings products in the near future, targeting savers looking for more attractive returns compared to traditional bank offerings.

Eligibility Criteria

This strategic move positions Vida Bank to accelerate its growth ambitions and enhance its competitive edge in the specialist lending sector, while continuing to serve its network of mortgage brokers and intermediary partners.

Application Process