Vida almost doubled home loan originations to £369m over the last year as it took advantage of the shift in funding its move to becoming a bank gave the business. 

It said originations jumped 94% in the 12 months to the end of December compared to a year ago, in a period that saw the lender gain bank status in November.    

“While pursuing banking licence approval, we were very careful to maintain a clear focus on supporting our mortgage customers and intermediary partners, preparing the ground for the growth plans we have as a bank,” it said in its annual report.

“We were able to begin to grow mortgage origination volumes across the year, in anticipation of the shift to retail funding. 

“Mortgage applications in the year increased by 67% to £1.2bn, allowing us to finish the year with a strong pipeline of new business.”

Its mortgage book lifted to £1.9bn from £1.7bn in the period.

The business completed three successful securitisations raising £850m in the year and attracted £173m of retail deposits raised within the first month as a bank.

The lender posted a pre-tax profit down 25% to £3.6m, as administrative expenses rose 11.7% to £36.2m as it moved to become a bank.

Vida chief executive Anth Mooney said: “2024 was a milestone year for Vida, marking our transition from a wholesale funded mortgage lender to becoming a fully authorised specialist mortgage bank. 

“Receiving our banking licence represents the culmination of many months of preparation, opening the door to a more diversified funding model with the launch of our retail deposit business.”

Mooney added: “With our banking licence secured, we have entered 2025 with momentum and confidence. 

“The year ahead will be all about leveraging our retail funding base to expand our mortgage product offerings, driving growth in our mortgage originations, and continuing to enhance customer and colleague experiences.”