A new bank specifically for property investors has launched to help experienced and busy landlords manage and grow their portfolios.
Monument is the first challenger bank in the UK to focus on the needs of 4.8 million ‘mass affluent’ clients: professionals, entrepreneurs and property investors who want a bank to help them save and grow their wealth.
Clients will be able to borrow up to £3 million for buy-to-let property investments, supported by specialist relationship managers with experience of the market.
Monument, which has already raised £60 million, will be a fully-licensed deposit-taking bank, providing easy access and fixed-term savings products with competitive rates for those looking to save upwards of £25,000.
CEO Mintoo Bhandari (main picture) says its approach to client loyalty is fundamentally different as well; if an existing saver deposits money for a subsequent fixed term, they will get a better rate than a new customer, while an existing borrower who renews their loan, or takes an additional loan, will also be offered a favourable rate.
Bhandari says: “We are very excited to take our first steps of addressing the substantial, aspirational, hard-working, asset-rich but time-poor community which holds trillions in wealth in the UK and which lacks the right financial services partner. Our lending specialists, with their many years of dealing with clients’ borrowing needs, will truly bring a better experience to experienced landlords.”
Monument’s new app will let clients open savings accounts in minutes and also offers simultaneous video and co-browsing so that advisors can interact with clients almost as if they were in the same room, saving time by addressing questions live.
But Monument is not unique – a similar ‘challenger’ bank called Hammock launched in August last year.