UK digital-only lender Masthaven Bank, created out of bridging loan specialist Masthaven Finance, has opened for business in the UK.

The new bank will offer various online fixed-interest savings products, bridging loans for homebuyers and development finance for SME house builders.

From 2017, the bank plans to offer mortgage products for those UK borrowers who are unable to secure loans from large lenders.

Masthaven managing director Jon Hall said: “We know everyone has different financial needs and that’s why we are providing products that our customers want, not just products that banks have always had available.

“Our unique blend of human digital banking combines intelligent people who really care, with technology to ensure both customers and brokers can interact with us in the way that suits them. We are proud to be part of the banking revolution – looking beyond convention to give individuals what they want from their bank.”

In April 2016, Masthaven Bank received a retail banking licence from the UK's Prudential Regulation Authority and Financial Conduct Authority. Majority of the bank is owned by founder and CEO Andrew Bloom, while the remaining owned by the billionaire Pears family and Masthaven’s employees.

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By GlobalData