A mortgage and property finance collective is set to launch a bank, with the aim of creating a socially conscious approach to lending, on 1 June 2021.

The idea was initiated by Roger Morris, group distribution director at OneSavings Bank, Tim Vigeon, head of lending at Buckinghamshire Building Society, and Peter Harte, sales development manager at Mortgage Brain.

While the name is set to be revealed next month, the bank aims to onboard 30,000 partners by the end of 2022 and is placing a deliberate focus on education.

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.”