Bevan Money has submitted its application for a banking licence. The business plans to provide mortgages, fuelled by retail deposits and designed in detail to help key public sector workers onto the housing ladder.
The start-up bank has reached this point without seeking external seed capital and currently carries no debt.
Bevan believes the ‘one size fits all’ approach of the large banks inadequately meets the specific needs of so many key workers amongst the 5.74 million* people in the public sector.
It plans to become a bank raising retail deposits to fund its focused mortgage lending criteria. Bevan will distribute mortgages exclusively through the intermediary channel.
Bevan Money chief executive Mel Lane comments: ““Our key public sector workers provide a great service to this country, and it’s time they received the respect and appreciation they so richly deserve. We’re quick to call them heroes, but in the real world they’re more often overlooked than rewarded”.
Lane adds: “Home ownership is the bedrock of most peoples’ working and family lives. Yet so many workers at the sharp edge of public service struggle to get on the housing ladder.
“The problem is that most lenders treat public sector workers like any other salaried applicants, with no consideration given to their strong security of employment, additional shift and overtime income, professional qualifications, experience and reliable future pensions.
“Bevan’s products and underwriting will take full account of the strengths of this large group of underserved and aspiring homeowners”.
