The new bank will be majority-owned by Andrew Bloom, with the remaining ownership held by the Pears family and Masthaven’s employees.
From launch, Masthaven Bank will offer a range of online fixed-interest savings products, as well as providing specialist mortgages for UK borrowers who don't fit mainstream lending criteria.
Masthaven will also give share options in the business to its employees, which will be distributed throughout the business and up to 80% of current and future employees will be eligible to benefit from them.
Jon Hall, who will lead Masthaven Bank as Managing Director, said:
“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.
“Equally, when it comes to mortgage lending, we don’t believe in crude tick box or computer electronic score-carding. For instance, take a customer who is currently on a very low base rate tracker or fixed rate but who wants to extend their property with a loft conversion. To use the equity in their property they may have to refinance away from their low rate. Whereas our underwriters will make a lending decision based on each customer’s financial circumstances, along with having a wide range of mortgage options, this means we could potentially lend the cash on a capital and interest basis alongside the existing mortgage.”
