Linklaters advises Vida Homeloans on securing its UK banking licence

Linklaters has advised Belmont Green Finance Limited (trading as Vida Homeloans), one of the UK’s leading specialist mortgage lenders, and Vida Group Holdings Limited, the group's holding company, on the successful application for its UK banking licence. The company plans to operate under the new name “Vida Bank”.

Vida announced on 20 November that it has received authorisation from the Prudential Regulation Authority, the regulator responsible for overseeing the UK banking sector, and the Financial Conduct Authority to become a fully licensed bank.

As a specialist mortgage bank, Vida’s 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 even stronger service for intermediary partners.

Amanda Robinson, Chief Legal & Culture Officer at Vida Group, commented:

“This marks the beginning of an exciting new chapter for the business, allowing us to offer enhanced products and services to our customers and intermediary partners. We’d like to thank the team at Linklaters for their support as we continue our focus on helping more people to find a place to call home.”

Edward Chan, Banking Partner, commented:

“Congratulations to Vida Bank on this significant milestone. We are proud to have supported them on such a strategic development and look forward to watching their journey as a fully licenced UK bank.”

Linklaters’ cross-practice team was led by partners Edward Chan and Namrata Shah, and comprised of associates Maximilian Dyck (Banking) and Connor Chalmers (Corporate).