Plans for the new owner-managed retail bank were made public last year, where the management team will now deliver on its vision to build a bank that puts people in control of their own financial goals with a target of summer 2016 to launch.
Once the bank goes live, it will undertake all of its specialist lending brands under the Masthaven Bank name.
“We have progressed things a lot over the last six months and will do a lot over the next four or five months ahead of launch,” Jon commented.
Soon after the big reveal, the lender snapped up eight new members of staff within three months, including ex-Shawbrook Bank heavyweight James Blower, and the team is still set to expand by another 25 people.
The lender also joined the BBA in December and will be moving offices in May.
“We are currently building the customer support team, so we are interviewing for roles and building a savings team that we will have housed in London,” Jon said.
“We will be looking at how we use telephony, how we use web-chat, and how we are accessible to savings customers given the demands that people have.”
Jon, who has previous experience looking at where customers fell into gaps that bigger lenders didn’t support, explained that, as a digital bank, everything from the application process to depositing money for savings would be completely online.
“We expect that you will be able to open an account and start saving [within] 10 minutes.”
Another key attribute to the new challenger bank is that it is able to draw on 12-13 years of lending expertise as Masthaven Finance.
“Different doesn’t necessarily mean risky - we have got a strong track record of lending and we are bringing an incredible team together from the savings perspective.”
Jon explained that what the Bank will be offering will, at its roots, be as flexible in the way bridging and development finance works.
“It’s very much about tailoring to what a customer is looking for and using expert people to do that.”
Following the announcement of the Masthaven Bank proposition, challenger banks have been dealt a blow by the Competition and Markets Authority, after it found no “strong evidence” to suggest the government’s new corporation tax would impact smaller lenders.
When asked about the bank surcharge, Jon stated that while it won’t affect Masthaven Bank in its start-up phase, the lender will “absolutely” be joining other challengers in lobbying the issue.
“By the time we get caught by it, who knows [when] that will be…there is lots of active lobbying around whether that surcharge is continued with and the levels at which it gets set.
“These are the organisations that are providing the bulk of new net lending that gets done in the UK.
“If you want a thriving mortgage market, you have got to support that.”
To view Masthaven Bank’s website, click here.
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