British digital-only lender Masthaven Bank, created out of bridging loan specialist Masthaven Finance, has secured a retail banking licence from UK’s Prudential Regulation Authority and Financial Conduct Authority.
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Following its official launch in mid-2016, the bank will offer a range of online fixed-interest savings products that will allow customers to determine maturity dates and interest rates as per their requirements.
The start-up will also offer specialist mortgages to suit those UK borrowers who are unable to secure loans from large lenders.
The bank will be majority-owned by founder Andrew Bloom, while the remaining ownership will be held by the Pears family and employees of Masthaven.
Masthaven Bank managing director Jon Hall said: "In a world of ever increasing personalisation, many people want to take more control of their money and make it work harder for them. We’re determined to buck the ‘one size fits all’ approach to banking by helping retail customers play a bigger role in tailoring products to best suit their needs."
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