On the 1st June, a new socially conscious bank will be launched, conceived and created by a mortgage and finance collective to offer a ‘truly life-saving’ alternative to traditional mortgage providers.
The as-yet unnamed bank has been created by a number of industry leaders, including Roger Morris from OneSavings Bank, Tim Vigeon from Buckinghamshire Building Society, and Peter Harte from Mortgage Brain, all of whom represent a forward-thinking branch of the private mortgage industry.
The collective hopes to onboard 30,000 partners by the end of 2022, all of which will have to buy into the new bank’s social conscience and ‘deliberate focus on education’ which we are currently left to assume refers to better educating the public on the ins and outs of the mortgage buying process because, without this knowledge, it can be a very difficult terrain to navigate for first-timers.
Announcing the imminent launch of the banks, Roger Morris said:
“Having spoken to brokers about what they want from a new bank, we’ve learned that it is all about how good you are at helping customers in their hour of need.
“So, we’ve modelled this bank purely on the foundations of being truly life-saving.
“By having the end customer at the heart of what we do and utilising deposits to the best possible effect, we can really make a difference.”
The exact details of how this new bank will operate its socially conscious model and what that means for the future of homebuying is still unclear. As soon as we have more information, we’ll let you know.