Vida Homeloans has received PRA and FCA authorisation to become a fully licenced bank.

The company plans to operate under the new name Vida Bank.

As a specialist mortgage bank, Vida says its new ability to offer a range of retail deposits will strengthen its funding base and allow it to compete at far greater scale, broadening its customer offerings and providing stronger service for intermediary partners.

Obtaining a banking licence will. Vida insists, allow it to accelerate its growth ambitions and become more competitive in the specialist mortgage market.

Commenting on the new licences Vida chief executive Anth Mooney said:

“This is a monumental day for us at Vida having only submitted our application at the beginning of this year. Receiving our banking licence not only validates the hard work and dedication of our entire team but also opens up tremendous opportunities for further growth and innovation.

Mooney added: “We very much look forward to further strengthening our specialist mortgage proposition and to launching our very first savings products in the coming days.”