Specialist mortgage company Masthaven Finance has applied for a banking license to launch as a retail bank in the UK by the middle of 2016.
The new bank, which will be online only, plans to offer fixed-interest savings products and specialist mortgages.
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In addition, it will also offer specialist mortgages for UK borrowers who might not be accepted by established lenders.
Masthaven Bank managing director Jon Hall stated: "This is a hugely exciting time to launch a new retail bank in the UK. For too long, savers and borrowers have had to dance to the tune of the big banks.
"The Masthaven approach will be different, recognising that ‘no one size fits all’ and that everyone’s individual financial backgrounds and requirements vary."
The new bank will be majority-owned by Masthaven founder Andrew Bloom, while the remaining stake will be owned by the Pears family and Masthaven’s employees, who will be offered share options in the business.
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By GlobalDataThe bank has already received the investment required to comply with the UK’s regulatory capital rules.
